Nigerians May Pay More For Petrol As Tensions Mount Between U.S., Iran

Nigerians may have to pay more for petrol, diesel and other petroleum products in the next few weeks as tensions between and the United States of America mount.

This is as Iran’s army chief said his country is fully prepared for “asymmetric warfare” after strengthening its capabilities, according to the state media agency Tasnim.

Reuters reports that traders expect the U.S. to resume strikes on Iran in the coming weeks. The situation is made worse as Iran-allied Houthi militants keep targeting Saudi Arabia and disrupting its oil production.

Brent crude oil was trading at a six-month high on Friday, as investors increasingly expect the U.S. to resume strikes on Iran in the coming weeks.

According to Reuters, Brent futures were up 2.6% at $116.13 a barrel, the highest level for the international benchmark since April 30. U.S. West Texas Intermediate traded about 3% higher at $102.56 a barrel.

Meanwhile, Iran’s army chief said the country’s military is fully prepared for “asymmetric warfare” after strengthening its capabilities, according to the state media agency Tasnim.

Brent futures were on track for a weekly rise of nearly 6%, putting the contracts on course for their third consecutive week of gains. WTI futures were on track for a weekly gain of 1%.

U.S. President Donald Trump said Wednesday that the U.S. was not negotiating with Iran and something would happen “fairly soon.” His cryptic remarks came as U.S. officials told The New York Times that the U.S. and Israel have plans for fresh strikes on Iran after the midterm elections.

Iran-allied Houthi militants have continued to strike Saudi Arabia.

The U.S. State Department has ordered all non-essential personnel to leave Saudi Arabia due to the strikes.

A drone attack targeting the Shaybah oil field Wednesday in the Eastern Region left two people dead and two injured, according to Saudi state media. At least two people were killed and eight injured in an attack on King Fahd International Airport in Dammam on Wednesday.

Oil giant Saudi Aramco has told staff to evacuate its Dhahran headquarters and work remotely following a series of attacks by Iran-backed Houthi rebels, Reuters reported.

Ikechi Nzeako is a journalist with Independent Newspapers Limited. He is a graduate of the University of Ibadan and he is interested in politics, history, economy and sports. He writes on small business, entrepreneurship, training, employment, start-ups, and general business.

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