Brent crude Increases by Near 8% Following Isreal Attack on Iran
Global oil prices surged sharply on Friday following a major escalation in tensions between Israel and Iran, raising fears of supply disruptions from the oil-rich Middle East.
Brent crude, the international oil benchmark, climbed by 7.92 per cent to $74.85 per barrel at 2:00 WAT, from $69 the previous day, marking the highest level since January 2025. Similarly, US West Texas Intermediate (WTI) crude jumped by 8.2 per cent to $73.61, also hitting a multi-month high.
According to Reuters, the spike followed Israel’s barrage of strikes targeting Iranian nuclear facilities, ballistic missile factories, and key military figures — a move intended to derail Tehran’s alleged nuclear ambitions.
“Israel said it had targeted Iran’s nuclear facilities, ballistic missile factories and military commanders, as part of a prolonged operation to prevent Tehran from building an atomic weapon.”
In response, Iran vowed a strong retaliation, intensifying geopolitical concerns in a region responsible for a significant portion of the world’s oil supply.
The United States has urged restraint amid the rising hostilities. “President Donald Trump urged Iran to make a deal over its nuclear programme, to put an end to the ‘next already planned attacks.’”
Despite the tension, Iranian infrastructure remains unaffected. “The National Iranian Oil Refining and Distribution Company confirmed that their oil refining and storage facilities remain undamaged and fully operational.”
With prices nearing Nigeria’s 2025 budget benchmark of $75 per barrel, the development brings temporary relief to concerns over falling crude revenues.
