Oil price benchmark for Brent crude reached its highest point since October 2018 on Monday to sell for $74 per barrel.
Brent rose by $2.28 to $74.25 per barrel as of 6.30pm Nigerian time on Monday.
Concise News understands that this followed the United States President, Donald Trump’s, decision to end waivers that let some countries buy crude oil from Iran without facing US sanctions.
Further reports showed that Brent, against which Nigeria’s oil is priced, has increased by about 40 per cent this year.
This was boosted mainly by production cuts by the Organisation of Petroleum Exporting Countries, and US sanctions on exports of crude from Iran and Venezuela.