Global oil prices are on track for their sharpest weekly gain since 2022, driven by escalating tensions in the Middle East that have disrupted shipping and energy exports through the strategic Strait of Hormuz, according to Reuters.
Data from global commodities markets show that Brent Crude futures surged about 20 percent this week, while West Texas Intermediate (WTI) climbed roughly 25 percent. On Friday, Brent rose $2.09, or 2.45 percent, to $87.50 per barrel, and WTI gained $3.76, or 4.64 percent, to $84.77 per barrel — marking their highest levels since July 2024.
The rally follows military strikes by the United States and Israel on Iran, prompting Tehran to halt tanker movements through the Strait. The waterway handles roughly one-fifth of the world’s daily oil supply, making the disruption critical to global energy trade.
The price surge is already affecting domestic fuel markets in Nigeria. Nigerian National Petroleum Company Limited (NNPC) raised the pump price of Premium Motor Spirit (PMS) in Abuja to ₦960 per litre from ₦875. Similarly, Dangote Petroleum Refinery increased its gantry price by ₦100, from ₦774 to ₦874 per litre, reflecting the downstream market’s sensitivity to global crude fluctuations.
Analysts warn that continued geopolitical instability in the Middle East could sustain upward pressure on global oil prices, potentially translating into further increases in domestic fuel costs in Nigeria and other import-dependent nations.
