Oil prices have risen to $93 a barrel, the highest level in seven years.

Oil prices have risen to $93 a barrel, the highest level in seven years.

FastNews reports that for the first time since October 1, 2014, crude oil prices reached $93 per barrel on Friday.

Brent crude futures, the global benchmark for oil, surged 2.9 percent to $93.54 per barrel.

Similarly, WTI crude futures increased 2.5 percent to $92 per barrel.

Oil prices have risen steadily in recent months as governments have relaxed travel restrictions and loosened lockdowns.

For the first time since October 1, 2014, crude oil prices reached $93 per barrel on Friday.

Brent crude futures, the global benchmark for oil, surged 2.9 percent to $93.54 per barrel.

Brent crude futures, the global benchmark for oil, surged 2.9 percent to $93.54 per barrel.

Likewise, West Texas Intermediate (WTI) crude futures rose 2.5 percent to $92 per barrel.

Oil prices have continued to rise in recent months as countries eased lockdowns and lifted travel restrictions.

The oil market also benefited from the Ukraine crisis, which raised concerns about potential supply disruptions.

The rise in global crude oil prices should have signaled an increase in Nigeria’s revenue, but the government was shortchanged by subsidy payments.

Subsidy payments consumed N270 billion in December 2021, amounting to N1.43 trillion in annual expenses, reducing revenue accrued to the federation account.