1 month ago
Global crude oil benchmarks have experienced a sharp upward movement over the past 24 hours following a series of new military strikes launched by the United States against Iranian targets.
At the time of reporting, Brent crude rose by 0.54 percent on a day-to-day basis to reach $95.49 per barrel, while West Texas Intermediate (WTI) climbed 0.84 percent to settle at $90.71 per barrel.
According to the United States Central Command (CENTCOM), the military operation targeted several Iranian assets. The strikes focused on "air defence sites, radar systems, maritime assets and facilities, mine-laying capabilities, and communications sites."
US officials stated that the military action was taken in retaliation for actions by the Islamic Revolutionary Guard Corps (IRGC), which has targeted commercial shipping vessels in the Strait of Hormuz as well as US service members stationed in the region.
This escalation follows a separate US initiative targeting Iranian tankers under a newly implemented "tanker-for-tanker" policy in the Strait of Hormuz, a move that has intensified upward pressure on global energy markets. On Wednesday, diesel prices in the United States experienced a sharp increase of nearly 7 percent, reaching $4.71 per gallon.
In response to the growing inflationary pressures triggered by the conflict in the Gulf region, US President Donald Trump convened a meeting at the White House on Tuesday with key energy sector stakeholders, as reported by the Financial Times.
The ripple effects of the rising global oil market are being felt in Nigeria, where domestic fuel prices have surged. At filling stations in Abuja and surrounding areas—including MRS, Ranoil, and the Nigerian National Petroleum Company Limited (NNPCL)—prices jumped by N46 to N100 per litre. Consumers are now paying between N1,310 and N1,345 per litre, up from the previous range of N1,210 to N1,275 per litre. This domestic price hike comes on the heels of the Dangote Refinery increasing its gantry price by N65 per litre.
Why It Matters
The Strait of Hormuz is one of the world's most critical energy chokepoints, through which approximately one-fifth of the global petroleum consumption passes daily
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