Nigeria, March 9 -- The price of Brent crude has jumped to $109.18 per barrel, crossing the $100 mark for the first time in more than five years.

The sharp rise represents the biggest daily gain since the start of the COVID-19 pandemic in 2020 and about a 25 per cent increase within the past 24 hours.

The surge intensified as the war involving the United States and Israel against Iran escalated, while traffic through the critical Strait of Hormuz slowed to a near halt amid attacks by Iranian forces on vessels attempting to pass through the channel.

The spike in oil prices is largely driven by global supply disruptions and could significantly boost Nigeria's revenue as a major crude oil exporter.

Higher prices are also expected to stre...