US crude climbed 4.2% to $75 a barrel in recent trading. Brent crude, the world benchmark, jumped 4% and crossed over the $80-a-barrel level. This comes after US-led strikes on multiple Houthi targets in Yemen in response to repeated attacks on commercial shipping in the Red Sea.

Following the virtual meeting of OPEC+ ministers, Riyadh announced it would extend its voluntary oil production cut of one million barrels per day until March 2024.

In spite of an agreement struck in April to cut production of crude by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, oil prices still haven't seen a boost. In this edition, we see that concerns over global economic growth are outweighing the production cuts. Also, European space rocket Ariane 5 gears up for its final lift-off and Singaporean bank UOB makes a winning bet on Taylor Swift fans.

Wonuola Akanbi, the Head of Energy and Infrastructure sales, Global Markets at Stanbic IBTC Bank, joins CNBC Africa to discuss the dynamics in the global oil market and how it impacts Nigeria.