The increase in global tension and breakdown in Libya's pipeline boosted global oil prices on Monday to a level last seen since December 2014.

Brent crude oil, against which Nigeria's crude oil is priced, rose above $75.50 per barrel as at 9.15 pm Nigerian time to peak at $75.58, the highest in almost 4 years. While the US West Texas intermediate, surged past $68 a barrel to break key resistance level.

Oil prices rallied following Israeli Prime Minister, Benjamin Netanyahu, report that Iran lied about nuclear program and insisted there are intelligence reports currently being collated that proved the embattled nation is secretly conducting a nuclear weapon program.

The report, if true, will raise the likelihood of Donald Trump led administration finally dumping the Iranian deal ahead of May 12 deadline scheduled for the deal's extension. This, experts believe will reduce global oil supplies and further push oil prices above the current levels to $80 a barrel.

"Iran is OPEC's third largest producer, disruption in its exports will boost global crude oil prices, however, it is unlikely the rest of the world, other nations, involved in the deal will jump on Netanyahu's report without hard evidence given Israel disposition towards the deal in the first place," said Samed Olukoya, a foreign exchange research analyst at Investors King Ltd.

"However, president Donald Trump is likely to push for a review of the deal if all efforts to get other nations to dump the deal failed," he added.

The increase in global oil prices will boost Nigeria's Excess Crude Account, the account where the difference between the market price of oil and the budget benchmark is saved to support and deepen economic activities when prices fall below the benchmark or extra funds are needed for capital projects.

http://investorsking.com/crude-oil-trades-above-75-per-barrel-as-netanyahu-point-finger-at-iran/

One thing that's sure is, our present leaders are bound to squander anything that comes off this

Mr integrity go blame Israel for rise in crude oil price

Useless president

Okay

Will this increase yield a better wellbeing?

Good news for Nigeria, but those at the helm of affairs won't make use of this great opportunity

I know the Daura President is going to take credit for this, meanwhile lemme see another excuse he is going to give now oil price has gone back to it old good days...

fantastically corrupt president and senators, den dey somehow with this news

benja!min is only trying to push america to war like he did on Iraq ...... he should just chill...

Increasing only in papers and screen

I'm still trying to figure out why Iran's nuclear program would interfere with global oil price.

Ok. I see. The Israeli PM wants Iran outta the game, pointing at the program as a valid claim. What's with Sunnis Shi'ites and Jews?

Thanks mansakhalifa for the correction.

Good one only for the political leaders. It means more money to be shared.

With the amount of blessing God showered on Nigeria, Western countries should have been crossing the Mediterranean sea to reach Nigeria and not the other way round as we have today. May it not be well with all those who made Nigeria hell on earth.

But IPOB should be more concerned about how Iran wants to destroy Yisrael and leave Naija out of their mouths.

Good news for some lazy leaders presiding over oil-dependent,Dutch disease infested entities called countries. Mostly in Afric... e.g. Nigeri...,Equatorial Guin...,Ango...,etcetera etcetera,etcetera.

It makes no difference for the average Nigerian,,

rusher14:
But IPOB should be more concerned about how Iran wants to destroy Yisrael and leave Naija out of their mouths.

Can Iran destroy Isreal ?

Out of recession soon

Netanyahu wants to start another war with Iran using Americans soldiers and her resources. Sixteen years ago he testified before congress that Iraq has nuclear weapon and toppling Saddam would bring stability to the region.

Well, it turned out that he lied, with a very straight face. Unfortunately, he is doing it again.

Will Americans be foolish enough to fall for this charade?

malele:


Can Iran destroy Isreal ?

I don't think so but Yisrael is worried.

Personally, I'm more interested in Nigeria.

The two countries are of no importance to me.

abumeinben:
I'm still trying to figure out why Iran's nuclear program would interfere with global oil price.

Ok. I see. The Israeli PM wants Iran outta the game, pointing at the program as a valid claim. What's with Sunnis and Jews?

I hope you are not trying to say the Iranians are Sunnis. Cos they are definitely NOT.

They[Iranians] are Shi'ites.

That's why they don't get along with Saudi and its GCC colleagues-'xcept Qatar.

even if the price were to reach $100, will it make any sense to the common man here in nigeria? instead its the elites that will gain from it. .....

mansakhalifa:



I hope you are not trying to say the Iranians are Sunnis. Cos they are definitely NOT.

They[Iranians] are Shi'ites.

That's why they don't get along with Saudi and its GCC colleagues-'xcept Qatar.

Nawao....what's doing me this morning sef. Wanted to write Shi'ites. Thanks bruv

waiting for buhari to point fingers at the youths for the price to reach $100

rusher14:


I don't think so but Yisrael is worried.

Personally, I'm more interested in Nigeria.

The two countries are of no importance to me.

For now, they are as we are not diversified enough to fence off their impacts. Nigeria is a mono-product economy with little to no substantial economic progress in key sectors like services and agricultural sectors.

The recession taught Saudi Arabi a key lesson, hence, the reason they are going on an aggressive diversification strategy, same with China that is transforming its economy from export-based to consumption to stimulate it from within and reduce the impact of external factors.

We are Nigerians, no viable long-term strategy.

mansakhalifa:
Good news for some lazy leaders presiding over oil-dependent,Dutch disease infested entities called countries. Mostly in Afric... e.g. Nigeri...,Equatorial Guin...,Ango...,etcetera etcetera,etcetera.

remove equatorial Guinea and Angola feon that list

Nigerians be prepared for a price increase in petroleum product.

Satanyahoo strikes again!
WW3 loading....... but he doesn't know this will be the demise of the West. All empires come to die in Persia. This is just the beginning...

Did everyone see the pathetic shameful powerpoint display he did on Iran supposedly building up nuclear bombs on Project Amad?


It reminded me of the run up to the War in Iraq, when the shameless, lying Colin Powell came to the UN holding a vial of yellow cake Saddam supposedly had to make bombs.


It is like history keeps repeating itself for some reason....

What are the facts on ground:
1. Israel has been salivating to attack Iran ever since its inception in 1947. USA, the military arm of Israel, also is on board along with the Arab Gulf states spearheaded by Saudi Arabia. All the Zionists and Neocons are foaming at the mouth right now at the thought of war.
2. Any war that breaks out in the Middle East is a win for the oil producing nations, especially Saudi Arabia, because the country is in huge trouble financially. As long as the price of oil remains below $80 per barrel, their budget cannot break even. Even the Crown Prince MBS said it himself that Saudi needs oil prices to be high for their economy to be feasible. (http://time.com/5229227/saudi-arabia-mohammed-bin-salman-interview-oil/)
3. The Military Industrial Complex gains "bigly" if a war breaks out. Remember the limited strike Trump carried out on the 13th of April saw their stocks rise making them billions overnight.
4. Who suffers are the civilians caught in war, soldiers that have to lay their life for stupid reasons and regular folk like you and me who will have to pay higher prices for petroleum products.
5. This will definitely lead to that final global economic crash we have all been waiting for, as this might be the straw that breaks the camel's back. Higher oil prices means increased consumer spending on fuel rather than on consumer goods, as well as increased running costs for corporations which leads to a hike in their prices. But as a lot of corporations are already in huge debt and facing rising interest rates from the Fed and with reduced consumer spending, it will reduce earnings/profits which will lead to stock market crash.

And that's how the dominoes fall.....

More money in buhari and apc pockets

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I have given up on this country since Buhari became president. Even if crude is sold at above 200 dollars nothing good can come out of it. it seems something is really wrong with this country. we thought GEJ was the problem then Mr integrity came on board, things became worse. At over 75 we are still on blame game. Greed and Selfishness have finished this country.

Oil prices crashed, Nigerians were suffering. Oil prices are now soaring, Nigerians are still suffering. God who did we offend for you to curse us with these useless, evil, insensitive and incompetent leaders?