Brent crude has surged to $115 per barrel, while West Texas Intermediate increased to $103 per barrel on Wednesday.
Global oil prices showed that both Brent and WTI crude prices rose by over 3 percent on a day-to-day basis.
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The Brent at $115 per barrel is the highest since 2022, according to energy market price data.
The upsurge in global oil prices comes after the United Arab Emirates announced its exit from the Organization of the Petroleum Exporting Countries, a major oil block.
The UAE’s exit from OPEC is coming at a time when the world is grappling with a more than two-month-old war in the Middle East.
It was reported the latest hike in global oil prices poses a potential domestic fuel price increase in Nigeria.
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As of Wednesday morning, fuel prices have remained stable between N1,290 and N1,310 per liter in Abuja.
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