Factors behind price hike

Four weeks ago, a barrel of London Brent oil cost $63.27. On Thursday, a barrel of the same oil cost $70.72, representing a price increase of almost 12 per cent.

15th April, 2006

Four weeks ago, a barrel of London Brent oil cost $63.27. On Thursday, a barrel of the same oil cost $70.72, representing a price increase of almost 12 per cent. The obvious reason for last week’s peak is the perceived threat of a strike by the United States against Iran, coupled with the perceived threat of Iran withholding its oil supplies to hurt the US.

The US-Iran tensions come as Nigeria’s oil output continues to slump,...

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