Newscenter Media News 
Global crude oil prices are on a steady rise as the Iran-United States-Israel conflict escalation enters day four.
This comes as the US and Israel attacked Iran, which on Friday night led to the death of 48 Iranian leaders, including the country’s supreme leader, Ayatollah Ali Khamenei.
Iran had retaliated with strikes against major US allies in the Middle East. In the last four days, the Middle East has been riddled with explosions.
The heightened hostilities in the region had led to the suspension of shipments by oil firms from the Strait of Hormuz, controlled by Iran, which accounts for 20 percent of global oil supply.
Checks by DAILY POST on Monday showed that Brent and West Texas Intermediate had climbed to $78.50 and $71.84 per barrel as of filing the report, up from $72.87 and $67.02 on Saturday.
Speaking on the implications of the Iran, US, and Israel war on the Nigerian economy, the Chief Executive Officer of the Center for the Promotion of Private Enterprise, Dr. Muda Yusuf, said the crisis portends both positive and negative impacts on Africa’s most populous country.
“The Iran–U.S.–Israel conflict represents a classic double-edged shock for Nigeria. Higher oil prices may strengthen fiscal and external balances in the short term. However, inflationary pressures, welfare deterioration, capital flow volatility, and global growth risks pose significant countervailing threats,” he said in a statement on Sunday.
Iran, US-Israel war: Crude oil prices on steady rise as Middle East burns