Brent crude oil prices jumped more than 4% on Thursday, climbing above $98 per barrel to reach a six-week high.

West Texas Intermediate also rose, approaching $89.50 per barrel. The sharp increase was driven by growing concerns over supply disruptions in the Middle East.

Houthi attacks on Saudi oil tankers in the Red Sea and ongoing friction between the US and Iran have heightened fears of potential supply shortages. These developments have pushed investors to seek safety in oil markets, causing prices to spike quickly.

Analysts say geopolitical risks are once again playing a major role in energy markets. Any further escalation in the region could send prices even higher, affecting global economies and consumers everywhere.

Nigeria, as a major oil exporter, may benefit from the higher prices in the short term. However, experts warn that prolonged instability could also bring challenges if it leads to broader economic uncertainty.

The situation remains fluid as traders closely monitor developments in the Middle East. Many hope for de-escalation to stabilise energy prices and reduce pressure on households and businesses worldwide.

Photo credit: Hon Dim