Global oil prices eased on Thursday after climbing as high as $108 a barrel, as tensions involving Saudi Arabia and Iran-backed Houthi forces heightened concerns about crude supplies from the Middle East.
Oil prices retreat after sharp rise
- Brent crude declined to $105.60 a barrel from $108, while West Texas Intermediate fell to $102 from $105.
- The moves represented losses of roughly 2% to 3% for both benchmarks, although prices remained elevated because of growing supply risks in the region.
- Uncertainty around the Gulf has lifted energy costs across major economies, including the United States and Nigeria.
Pressure on interest rates and Nigerian households
On Wednesday, the US Federal Reserve increased its policy rate by 25 basis points, marking its first monetary tightening since 2023.
In Nigeria, petrol prices of N1,395 to N1,450 per litre in Abuja and surrounding areas have raised transport expenses and added to the cost of food and other daily necessities.
The Nigerian Labour Congress, through its president Joe Ajaero, called on President Bola Ahmed Tinubu’s administration on Wednesday to introduce measures that would reduce the burden of the fuel-price increase on households.
