Saudi Arabia has cancelled some crude oil shipments to Europe after a drone attack damaged a major pipeline linking the kingdom’s eastern oil region to the Red Sea.

Investors are preparing for continued market volatility as geopolitical tensions, oil prices and changing interest-rate expectations reshape the global outlook.

The return of triple-digit oil prices is creating a new opportunity for Nigeria while raising questions about fuel costs, government revenue and economic stability.

Crude oil prices surged as renewed US-Iran attacks intensified concerns over the Strait of Hormuz and the security of Middle Eastern oil shipments.

US forces have struck Iranian rocket launchers on Larak Island, prompting retaliation from Tehran and renewed concerns over the Strait of Hormuz.