Oil Price Hits $95 a Barrel — Highest in Six Weeks

Oil price ‌rose to $95 per barrel on Wednesday.

Brent crude increased by 3.41 percent to $95.11 a barrel — highest since June 11.

US West Texas Intermediate also rose by 3.11 percent to 86.96 percent.

The development follows growing concerns over reported disruptions in the Middle Eastern supply routes due to escalating tensions between the US and Iran, as well as threats to shipping from the Iran-backed Houthi militia in Yemen.

On Wednesday, the US military said it carried out an 11th consecutive night of attacks on Iran.

The US attacks came a short while after the Kuwaiti army said its air defences were intercepting Iranian drones.

President Donald Trump said the US would “bomb and destroy one bridge or power plant” any time Tehran targets a ship in the Strait of Hormuz.

On Tuesday, the Iran-aligned Houthis opened a new front in the war by threatening to target vessels carrying Saudi oil in the Bab el-Mandeb strait — also announcing a naval blockade of Saudi Arabia.

The surge in Brent crude prices is expected to raise international spot prices, a development that could translate into higher petrol prices in Nigeria.

On July 16, TheCable reported that oil importers planned to increase ex-depot petrol price over the increased cost of imported cargoes.