Crude oil has completely put its struggling past behind it.

Like a phoenix from the ashes, the crude oil prices in the international oil market has risen to $75 from little above $30 per barrel about a year ago.

International benchmark, Brent crude, on Monday hit $75 per barrel and rose further amid growing geopolitical tensions in the world.

Brent, against which Nigeria’s crude oil is priced, stood at $75.16 per barrel as at the close of business on Monday.

The rise in oil prices means more dollars in Nigeria’s Excess Crude Account, into which the difference between the market price of oil and the budget benchmark is saved to provide a cushion when oil prices fall, or extra cash is needed for spending on infrastructure.

The 2018 budget proposal, submitted by President Muhammadu Buhari in November 2017, put the benchmark oil price at $45 per barrel, compared to $44.5 per barrel for the 2017 budget.

Also Read: Why Nigeria Should Not Be Too Excited About Rising Oil Prices

The oil price rallied after Israeli Prime Minister, Benjamin Netanyahu, accused Iran of lying “big time” about a secretive nuclear weapons programme, ratcheting up tensions in a region that controls almost half the world’s oil.

Netanyahu’s disclosure of thousands of documents he said proved Iran definitively sought to assemble nuclear bombs comes as the US President, Donald Trump, considers whether to re-impose sanctions against Iran, the third biggest oil producer in the Organisation of Petroleum Exporting Countries.

Crude has rallied this month amid heightened geopolitical tensions and Trump’s indications that he might scrap the 2015 nuclear deal with Iran. At the same time, OPEC-led production cuts have continued to tighten global markets, despite record-setting US crude output.

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