Brent crude climbs to $110 as Middle East and Ukraine conflicts tighten global supply

Global benchmark hits $110 The international oil price index, Brent crude, rose to $110 per barrel on Friday, marking its first appearance at that level since May. The increase represented a 3.7% gain and constituted the second straight week of price growth, according to reporting by Nairametrics.

Conflict‑driven supply worries Analysts linked the price surge to a series of fresh attacks on energy facilities. In the Middle East, Iran‑aligned Houthi fighters continued to target Saudi Arabian infrastructure, while Russia and Ukraine each carried out renewed strikes on energy assets. These developments heightened concerns about potential disruptions to global crude and refined product supplies, prompting traders to reassess risk premiums ahead of the weekend.

Broader geopolitical backdrop The Hill noted that the price rise occurred against a backdrop of persistent shocks stemming from the United States‑Iran tensions and the ongoing Russia‑Ukraine war. Together, these geopolitical pressures have limited the market’s ability to sustain earlier price declines.

Impact on Nigeria’s fuel subsidy Nigeria had recently introduced a 30‑day petrol discount intended to cushion consumers from rising fuel costs. Nairametrics reported that the latest jump in Brent prices threatens the effectiveness of this measure, as higher crude costs could erode the intended relief. Market participants expressed growing scepticism that supply‑easing policies would deliver the expected benefits.

Market sentiment A senior energy trader at CIBC Private Wealth Group, speaking to Bloomberg, indicated that after a brief period of calm, the market is again pricing in heightened risk, especially as the weekend approaches. This sentiment aligns with the observed weekly advance in Brent prices.

Overall, the confluence of renewed Middle‑East attacks, continued Russia‑Ukraine hostilities, and broader geopolitical tensions has pushed Brent crude back to $110 a barrel, reviving concerns over global oil supply stability and the capacity of price‑mitigation strategies, such as Nigeria’s petrol discount, to protect consumers.