**Oil Price Jumps Above N150 Per Barrel as US-Israel Conflict with Iran Intensifies** The global oil market has witnessed a significant surge in recent days, with the price of crude oil soaring past N150 per barrel. This increase is largely due to the ongoing conflict between the United States, Israel, and Iran, which has disrupted global energy supplies. The Brent crude price, which is the international benchmark, rose by over 20% on Sunday, reaching a high of N184 per barrel before moderating slightly. As of Monday morning, the price was hovering around N172 per barrel. This significant surge is the first time oil prices have risen above N150 per barrel since Russia's invasion of Ukraine in 2022. The US President, Donald Trump, has downplayed the spike in oil prices, stating that they will decrease rapidly once the Iran nuclear threat is neutralized. Similarly, the US Secretary of Energy, Chris Wright, has also dismissed concerns about rising energy prices, describing them as temporary. However, the reality on the ground paints a different picture. The conflict has resulted in Iran blocking shipping in the Strait of Hormuz, a vital waterway that supplies about one-fifth of the world's oil. As a result, major oil-producing countries in the Middle East, including Iraq, the United Arab Emirates, and Kuwait, have cut back on production. This has created a backlog of oil barrels with nowhere to go, further exacerbating the supply chain disruptions. The situation has been worsened by attacks on energy facilities in the region, which have been blamed on Iran. These attacks have targeted countries such as Qatar, Saudi Arabia, and Kuwait, further threatening the already fragile global energy supplies. The implications of this conflict on the global economy and on Nigeria, which is heavily reliant on oil exports, are significant. As the situation continues to unfold, it is expected that oil prices will remain volatile, with far-reaching consequences for the global economy.