The price of Brent crude oil surged to $85.67 per barrel, while West Texas Intermediate (WTI) crude rose to $80.88 per barrel, according to data from Reuters.
This significant uptick in oil prices comes amidst growing concerns over tighter global supply, driven by escalating conflicts in the Middle East and between Russia and Ukraine.
Additionally, a decline in the U.S. rig count has further fueled upward price pressure.
Hiroyuki Kikukawa, President of NS Trading, a unit of Nissan Securities, commented on the situation, stating, “Escalating geopolitical tension, coupled with a rise in attacks on energy facilities in Russia and Ukraine, alongside receding ceasefire hopes in the Middle East, raised concern over global oil supply.”
The recent surge in oil prices follows reports of Russia striking critical infrastructure in Ukraine’s western region of Lviv with missiles, according to Kyiv.
This significant air strike saw one Russian cruise missile briefly enter Polish airspace, further heightening tensions in the region.
In Nigeria, Bonny Light, a key crude oil grade, traded at $87.46 a barrel late Friday.
