Adedapo Adesanya
By Adedapo Adesanya
Crude oil prices continue to move north on the global oil market as listed oil markets recorded increase in prices of the black gold yesterday amid lingering tensions in the Middle East.
On Tuesday, the West Texas International (WTI) crude recorded a 1.32 percent or 74 Cents increase to sell at $57 per barrel.
Also, the Brent Crude Oil saw an increase of 76 Cents increase or 1.2 percent increase to sell at $64 per barrel at the international market.
The Nigerian Bonny Light also had a share of increase by 92 Cents, at a 1.46 percent change to trade at $63 per barrel.
It was observed that prices of the commodity were affected yesterday by the situations in the Gulf region, following the seizure of British oils tankers by some Iranian forces some days ago.
The tit-for-tat tanker seizures between the UK and Iran has continued to heighten tensions, causing prices of crude oil to continue to tank at the global market.
But unlike last month, there appears little chance of and no appetite for a military confrontation between the two nations. However, the United Kingdom has warned Iran that there would be serious consequences if the Mideast country does not release the seized vessels.
