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Global oil prices surged to their highest level in seven months on Friday as renewed geopolitical tensions in the Middle East unsettled energy markets and raised fears of supply disruptions.
Brent crude closed at $72.87 per barrel, briefly touching $73.5 during trading — a level not seen since late July 2025. U.S. West Texas Intermediate (WTI) also advanced, settling at $67.02 per barrel. The rally marks a sharp rebound after months of softer pricing.
The spike followed indirect diplomatic engagements between the United States and Iran in Geneva amid escalating friction over Tehran’s nuclear programme. Talks reportedly stalled over Washington’s demand for zero uranium enrichment, fuelling uncertainty across global markets.
President Donald Trump expressed frustration with the pace of negotiations, suggesting that force could become an option if diplomacy fails. Tensions intensified after coordinated U.S. and Israeli strikes targeted Iranian facilities, prompting retaliatory missile attacks on American military bases in the region. Explosions were reported in several Gulf cities, heightening concerns about broader instability in a region central to global energy supply.
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Market analysts warn that continued hostilities could disrupt production or shipping routes, creating upward pressure on crude prices. Some describe the situation as presenting an “asymmetric upside risk,” where any escalation could trigger sharper gains.
There are also indications that Saudi Arabia may increase its official selling price for April crude shipments to Asia, reflecting stronger demand from key buyers such as India.
Meanwhile, OPEC and its allies are expected to review output policy at their upcoming meeting, with discussions reportedly including a modest production increase.
For Nigeria, the price rise offers potential fiscal relief, as current crude levels sit well above the country’s 2026 budget benchmark of $64.85 per barrel.
