The escalating conflict between Russia and Ukraine continues to reverberate across global oil markets, with crude oil prices surging to new heights in the past week.
Brent Crude, a benchmark for international oil prices, surged from $82.44 on March 11 to $86.87 on Monday morning, marking a significant increase within a short span.
Similarly, the price of WTI crude, which stood at $78.13 per barrel on March 12, has risen to $81.77 as of Monday morning.
The surge is not limited to Brent and WTI. The Murban crude also saw a substantial increase from $82.78 to $86.90 within the same period.
Nigeria’s Brass River and Qua Iboe crude, highly valued blends in the global market, surged to $90.07 on Monday from $84.84 on March 11, according to Oilprice.com.
A report by Oilprice.com attributed the surge in crude prices to a series of drone attacks on Russian refineries by Ukrainian fighters, disrupting fuel output in the world’s largest exporter.
Ukrainian intelligence sources reported that 12 Russian oil refineries have been targeted by Ukrainian domestic security services during the ongoing conflict.
The impact of these attacks on fuel output has contributed to the rise in crude prices, fueling concerns and uncertainty in the global oil market.
As a result, gasoline prices have also seen an uptick, with a gallon of gasoline now selling at $2.759 compared to $2.580 a week ago.
The fluctuating prices indicate the volatility and uncertainty prevailing in the oil market amid the ongoing crisis.
It is anticipated that the global surge in oil prices will inevitably influence the cost of petrol in Nigeria. However, the government’s unannounced intervention has reportedly helped maintain the pump price of petrol at an average of N600 per litre, providing some stability amidst the turbulent oil market conditions.
