Oil price don jump again for international market and this one go affect everybody.
As of Friday, October 30, 2026, Brent crude oil don reach $116.08 per barrel, after e gain $1.20. This na the fourth month in a row wey oil price dey increase.
Why e happen? Two major attacks happen for Middle East.
First, on Thursday, Yemen Houthi rebels talk say dem attack several sites for Saudi Arabia, including the biggest refinery for the world — Ras Tanura refinery, Rabigh refinery and Abqaiq production facility wey belong to Saudi Aramco. Saudi-led coalition say dem intercept one cruise missile wey Houthis launch.
Second, on Friday morning, one oil tanker for Strait of Hormuz — wey be the main route wey 20% of the world oil dey pass — was hit by explosive devices wey small boat attach to am. UKMTO confirm the attack, but dem never know who do am.
This Strait of Hormuz na very important place. Any small fight for there dey make oil price go up immediately because na there Gulf countries dey carry their oil comot.
The war for Middle East, especially US-Israel war on Iran wey don enter 8th month, don make oil price move from $60-$70 wey e be before, to now $70-$90 and now $116.
US oil WTI also climb to $103.37 per barrel.
For Nigerians, this one mean say fuel price fit go up again, and government go make more money from crude oil sale, but transport fare go still increase.
Experts talk say even after war finish, oil price no go quick come down because of uncertainty and need to refill global reserve.
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