US–Iran tensions: Crude oil rebounds above $100 per barrel

The price of crude oil has risen to over $100 per barrel following the collapse of talks between the United States and Iran. US Vice President JD Vance stated that Tehran refused to accept Washington's terms during negotiations. Olatide Jeremiah, CEO of Petroleumprice.ng, indicated that prices are expected to continue rising due to market tensions and uncertainties, affecting petroleum product costs and services. Mazi Colman Obasi, president of OGSPAN, noted that the expected surge in energy costs will impact the domestic economy but may be mitigated by the operations of the Dangote Petroleum Refinery.