Oil prices surged yesterday, with the US benchmark hitting the highest level in nearly a year. US benchmark West Texas Intermediate for July delivery surged 1.07 US Dollars to 49.69 Dollars a barrel on the New York Mercantile Exchange, the highest close since July 2015. In London, Brent North Sea crude for delivery in August rose 91 cents to 50.55 Dollars a barrel.The rise in prices are attributed to price hike by Saudi Arabia, a weak dollar and attacks on the oil infrastructure in Nigeria, Africa's biggest oil producer. Most of the attacks have been claimed by the Niger Delta Avengers, who want a fairer share of revenue from the sector for local people.