Brent crude oil reached $110 per barrel on Friday, the highest since May, as attacks on energy infrastructure in the Middle East and Russia intensified supply concerns. The global benchmark rose 3.7%, marking its second consecutive weekly gain as traders shifted their positions in response to the geopolitical developments.
The price surge threatens Nigeria's prospects for sustained relief in petrol prices. Nigeria's energy inflation more than doubled to 10.85% in September, highlighting the vulnerability of local fuel costs to global crude movements.