“OIL SHOCK: CRUDE BLASTS TO $115 — FIRST TIME SINCE 2022 AS UAE DUMPS OPEC”
GREATRIBUNETVNEWS–BRENT surges 3% in a day to highest level in 3 years; WTI crosses $103 as Middle East war and UAE exit rattle markets.
Key Issues:
– Prices Hit 2022 Highs: _”Brent crude has surged to $115 per barrel, while West Texas Intermediate increased to $103 per barrel on Wednesday.”_ _”The Brent at $115 per barrel is the highest since 2022, according to energy market price data.”_
– Sharp Daily Jump: _”Checks on global oil prices showed that both Brent and WTI crude prices rose by over 3 percent on a day-to-day basis.”_
– UAE Quits OPEC: _”The upsurge in global oil prices comes after the United Arab Emirates announced its exit from the Organization of the Petroleum Exporting Countries, a major oil block.”_
– War + Exit Double Blow: _”The UAE’s exit from OPEC is coming at a time the world is grappling with a more than two-month-old war in the Middle East.”_
The latest hike in global oil prices poses a potential domestic fuel price increase in Nigeria.
As of Wednesday morning, fuel prices have remained stable between N1,350 and N1,400 per liter in Abuja.
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