Global oil prices took a dramatic turn on Wednesday, jumping by five per cent, after dropping to $88 per barrel on Tuesday, according to market data.
Brent hits $92.43 per barrel as of 10:56 AM WAT, signalling a 5.27 per cent increase. It had initially hit over $100 per barrel on Monday as crisis in the Middle East continued unabated.
The main US contract, West Texas Intermediate, soared 5.9 per cent to $88.38 per barrel.
The development followed a cut in the price of Premium Motor Spirit (PMS) or petrol by the Dangote Petroleum Refinery on Tuesday.
The war involving the United States (US), Iran, and Israel raised global oil prices, leading to a hike in petrol prices in Nigeria.
As the crisis in the crude-rich Middle East continued into a second week, with seemingly little sign of a conclusion on the horizon, US President Donald Trump said that the campaign was far ahead of his initial timeline of around a month.
“I think the war is very complete, pretty much. They have no navy, no communications, and they’ve got no air force,” Trump told CBS News by phone.
“If you look, they have nothing left. There’s nothing left in a military sense,” he added.
Trump told the US broadcaster that the United States was “very far” ahead of his initially stated wartime frame of four or five weeks.
He later told a news conference in Florida that “it’s going to be ended soon, and if it starts up again, they’ll be hit even harder”.
When asked if he thought the war could end in days or weeks, he replied, “I think soon. Very soon.”
