Global Oil Prices Hit $84 Per Barrel
Image: Guardian

International oil price for Brent Crude has risen to an all-time high of $84 per barrel since November 2014 on Monday.

This was largely due to the supply concerns before the United States sanctions against Iran is fully implemented in November.

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Concise News understands that the recent rise in global oil prices have ignited talks that the commodity could climb up to $100 per barrel.

If that happens, it would be the first time since prices fell in mid-2014, when Brent went for $115 per barrel.

Brent crude, against which Nigeria’s oil is priced, increased by $1.59 to $84.32 per barrel as of 6:30 pm Nigerian time.

Also, the US West Texas Intermediate went up by $1.67 to $74.92 per barrel.

Last week, the price had reached $80 per barrel for Brent crude with forecasts showing that the price could hit $90 by December and $100 in 2019.

The jump in price was after Saudi Arabia and Russia ruled out any hike in production in the face of calls by the U.S. to raise global production.