Crude oil price rose to $68 per barrel on Thursday, the highest since September 2025.

Brent crude, the global oil benchmark, rose by 2.24 percent to $68.88 at 12.40 WAT, while US West Texas Intermediate rose by 1.9 percent to $64.41 a barrel.

According to Reuters, oil prices are climbing due to growing fears that a possible US military attack on Iran — the Organisation of Petroleum Exporting Countries (OPEC’s) fourth-largest producer — could disrupt output of around 3.2 million barrels per day (bpd).

On Monday, warships were reported to have arrived in the Middle East.

The warships started moving from the Asia-Pacific region last week as tensions between Washington and Tehran surged following crackdown on protests that Iran’s government said had been infiltrated.

On Wednesday, US President Donald Trump said a massive armada is moving quickly to Iran with “great power, enthusiasm, and purpose” unless Iran makes a nuclear deal.

Reuters reported on Thursday that Trump is weighing options that include targeted strikes on Iranian security forces and leaders to encourage protests that could potentially overthrow the country’s rulers, citing US officials familiar with the talks.

The global crude oil price is above Nigeria’s 2026 budget benchmark of $64.85 per barrel.

On December 19, President Bola Tinubu presented the 2026 federal budget of N58.18 trillion, with a “conservative” crude oil benchmark of $64.85 per barrel.
By Bunmi Aduloju
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