Global crude oil prices have experienced uncertainties with WTI crude and Brent Crude hovering around $73.44 and $76.73 per barrel, respectively, on Wednesday morning due to the escalating tensions in the Middle East.
According to data from oilprice.com as of 9:00 am Nigerian time on Wednesday, these fluctuations were evident.
The tension has been fueled by the growing conflict between Israel and Iran.
Iran has made threats to retaliate against Israel following an Israeli strike that resulted in the death of Hamas leader Ismail Haniyeh in Tehran.
Another factor that could potentially impact global crude prices is the modest 180,000 barrel inventory build reported by the American Petroleum Institute. While relatively small, this build has surprised traders by interrupting a five-week trend of inventory declines.
These price movements in the global oil market coincide with the recent introduction of the Utapate crude blend by the Nigerian National Petroleum Company Limited (NNPCL).