Oil prices rise for second session amid Middle East supply concerns
The sustained increase in crude prices underscores the market’s sensitivity to developments in the Middle East, with oil trading between approximately $104 and $108 per barrel amid persistent supply concerns and geopolitical uncertainty.
For Nigeria and other African economies, the prolonged disruption poses significant economic risks, particularly as higher global crude and refined petroleum product prices feed into domestic energy costs, transportation expenses and inflation.
Global oil prices rose for a second consecutive session on Tuesday as concerns over supply disruptions in the Middle East continued to weigh on the market amid uncertainty over efforts to end the conflict involving the United States, Israel and Iran.
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