Global crude oil prices recorded a fresh increase following new United States military strikes on Iranian targets in the Middle East, raising concerns about potential disruptions to oil supplies and shipping routes.
Brent crude rose to $95.49 per barrel, representing a 0.54 percent increase, while West Texas Intermediate (WTI) climbed 0.84 percent to $90.71 per barrel over the 24-hour period.
The latest movement in the oil market came after the United States Central Command (CENTCOM) confirmed that American forces had carried out targeted strikes against Iranian military infrastructure.
According to CENTCOM, the operation targeted several facilities and assets, including air-defence positions, radar systems, maritime installations, mine-laying equipment and communications infrastructure.
The United States said the strikes were carried out in response to attacks allegedly launched by Iran’s Islamic Revolutionary Guard Corps (IRGC) against commercial vessels operating in the strategic Strait of Hormuz, as well as attacks involving US military personnel in the region.
Tensions have also increased following the introduction of a US “tanker-for-tanker” interdiction strategy in the Gulf, adding to concerns over the movement of crude oil and other petroleum products through the region.
The heightened geopolitical tensions have already affected energy markets, with fuel prices rising in other major markets.
In the United States, diesel prices reportedly increased by almost seven percent to $4.71 per gallon. The sharp rise has also triggered concerns about inflation, prompting US President Donald Trump to meet with senior executives from the energy industry at the White House.
Impact on Nigeria’s fuel market
The increase in international crude prices has also had an immediate effect on Nigeria’s downstream petroleum market.
Petrol prices in Abuja and neighbouring areas increased by between ₦46 and ₦100 per litre, pushing retail prices at several major filling stations to between ₦1,310 and ₦1,345 per litre.
The new prices were reported at outlets operated by major marketers, including NNPCL, MRS and Rainoil.
The latest adjustment followed a ₦65 per litre increase in the ex-gantry price of petrol supplied by the Dangote Petroleum Refinery, adding further pressure to pump prices across the domestic market.
The development highlights the sensitivity of Nigeria’s petrol market to movements in international crude prices and changes in domestic supply costs, particularly as the country continues to rely heavily on petroleum products for transportation and other economic activities.
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