Brent crude, the global benchmark, gained 2.4% to reach $70.24 per barrel on Monday, the first time prices have hit that amount in more than seven months.
The escalating tension between the United States and Iran following the killing of an Iranian commander last week and the subsequent retaliatory attacks on military bases housing American troops in Iraq is obviously responsible.
Interestingly, President, Muhammadu Buhari (retd.), on Wednesday, met behind closed doors with the Group Managing Director of the Nigeria National Petroleum Corporation, Mela Kyari, at the Presidential Villa, Abuja.
The agenda of the meeting was unknown , but may be in connection with oil price increase.
The president, who equally serves as Minister of Petroleum Resources, would also be meeting with the Minister of State, Petroleum Resources, Mr Timipre Sylva, later on Wednesday.