By Ogaga Ariemu
Uncertainties hit global crude oil prices as WTI crude and Brent Crude fluctuated around $73.44 and $76.73 per barrel, respectively, on Wednesday morning amid tension in the Middle East.
This is according to oilprice.com data on Wednesday as of 9:00 am Nigerian time.
The development comes on the back of the escalating tension between Israel and Iran.
This comes as Iran vowed to attack Israel, taking revenge for the Israeli strike that killed Hamas leader Ismail Haniyeh in the Iranian capital.
A similar event that could have affected the global prices of crude is the American Petroleum Institute, oil inventory build of a modest 180,000 barrels. Although minor, the build appeared to have surprised traders, as it impacted a five-week streak of inventory declines.
The price dynamics in the global oil market come amid the recent introduction of the Utapate crude blend by Nigerian National Petroleum Company Limited, NNPCL to the market.
