Oil
Oil tops $117 as Middle East tensions threaten global supply, petrol hike
CEII brief
BusinessDay reported on 23 Oct 2026: Oil tops $117 as Middle East tensions threaten global supply, petrol hike.
Read the full story on BusinessDayInternational crude oil prices rose above $116 per barrel on Friday as escalating attacks in the Middle East heightened concerns
Context from CEII
Crude benchmarks move budgets, currencies and inflation in producer and importer countries alike. For economies such as Nigeria, where fuels dominate exports, production and refining decisions move the whole economy.
85.9% of Nigeria’s merchandise exports were fuels in 2025Countries in this story
Original reporting © BusinessDay. Headline and excerpt quoted with attribution; the full article is available on the publisher’s site. CEII’s context is the Centre’s own and does not represent the publisher.
