Brent Hits Six-Week High Above $95

Brent crude, the international oil benchmark, gained 3.41 percent to $95.11 per barrel, its highest level since June 11. US West Texas Intermediate (WTI) also rose 3.11 percent to $86.96 per barrel.

Global oil prices climbed sharply on Wednesday, with Brent crude rising above $95 per barrel for the first time in six weeks as escalating geopolitical tensions in the Middle East heightened concerns over potential disruptions to global crude supply.

Brent crude, the international oil benchmark, gained 3.41 percent to $95.11 per barrel, its highest level since June 11. US West Texas Intermediate (WTI) also rose 3.11 percent to $86.96 per barrel.

The rally was fuelled by growing fears over the security of major oil shipping routes following renewed hostilities between the United States and Iran, as well as fresh threats by Yemen's Iran-backed Houthi rebels to target vessels transporting Saudi crude.

On Wednesday, the US military said it had carried out an 11th consecutive night of strikes on Iranian targets. The attacks came shortly after Kuwait announced that its air defence systems had intercepted Iranian drones.

US President Donald Trump also warned that Washington would "bomb and destroy one bridge or power plant" whenever Tehran targets vessels transiting the Strait of Hormuz, one of the world's most strategic oil transit routes.

The tensions escalated further after the Iran-aligned Houthis announced on Tuesday that they would target ships carrying Saudi oil through the Bab el-Mandeb Strait, effectively declaring a naval blockade against Saudi Arabia.

Analysts say any disruption to oil flows through the Strait of Hormuz or the Bab el-Mandeb Strait could significantly tighten global crude supplies, given that both waterways are critical corridors for international energy trade.

The latest surge in crude prices is expected to increase the cost of refined petroleum products globally, with potential implications for fuel-importing countries such as Nigeria.

A sustained rise in crude oil prices could drive up the landing cost of imported petrol, increasing the likelihood of higher ex-depot and retail fuel prices in the coming weeks if market conditions persist.