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Crude Oil Prices Climb to $68 Amid Middle East Tensions

January 29, 2026
by
Oil Production: Nigeria Again Exceeds OPEC Quota In 2025

Global crude oil prices rose sharply on Thursday, reaching their highest level since September 2025, amid concerns that tensions between the United States and Iran could disrupt supply.

Brent crude, the international benchmark, increased 2.2% to $68.88 per barrel, while US West Texas Intermediate (WTI) rose 1.9% to $64.41.

The gains follow reports of US warships moving into the Middle East, heightening fears of potential military action against Iran, the fourth-largest OPEC oil producer, which produces around 3.2 million barrels per day.

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The rise in prices coincides with President Donald Trump’s warning that action could follow if Tehran fails to comply with nuclear negotiations.

Prime Business Africa gathered that the US is considering a range of measures, including targeted strikes on Iranian security forces, while Iran has threatened a “strong response” if attacked.

For Nigeria, which based its 2026 federal budget on a crude benchmark of $64.85 per barrel, the higher prices could provide additional revenue.

President Bola Tinubu described the benchmark as conservative when presenting the N58.18 trillion budget to the National Assembly in December 2025.

Market analysts caution that while the price increase offers potential fiscal relief, ongoing geopolitical instability could also increase volatility for global oil markets. “Higher prices may provide a short-term boost for producers, but any escalation in tensions could quickly affect supply and demand dynamics,” said an energy market observer.

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The latest surge underscores the sensitivity of global oil markets to political developments in the Middle East, with investors closely monitoring both US-Iran relations and broader OPEC production levels.

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Prosper Okoye is a Correspondent and Research Writer at Prime Business Africa, a Nigerian journalist with experience in development reporting, public affairs, and policy-focused storytelling across Africa

Prosper Okoye

Prosper Okoye is a Correspondent and Research Writer at Prime Business Africa, a Nigerian journalist with experience in development reporting, public affairs, and policy-focused storytelling across Africa

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