The international oil benchmark, Brent crude, on Wednesday, jumped to $86 per barrel with traders weighing falls in Iranian exports over pending United States’ sanctions.
Concise News understands that the jump comes after the US announced on Wednesday that it was halting the 1955 Treaty of Amity – its economic contract with Iran.
Brent, against which Nigeria’s oil is priced, got to a new four-year high at $86.74 per barrel on Wednesday.
This was engineered by worries over a slump in world supply as US sanctions whittle away at Iranian crude exports.
It stood at $86.48 as of 7:40pm Nigerian time.