Brent Crude Hits $126 Amid Trump’s Iran Military Considerations

Brent crude oil prices rose to $126.31 per barrel, the highest since June 2022, following U.S. President Donald Trump's consideration of renewed military action against Iran.

This situation has raised concerns about potential disruptions to global oil supplies. The West Texas Intermediate (WTI) crude also increased to $110.48 per barrel.

Reports indicate that Trump is set to receive a military briefing from CENTCOM Command Adm. Brad Cooper, amid stalled negotiations between the U.S. and Iran regarding a ceasefire agreement.

The ongoing conflict, which began on February 28, has already led to significant geopolitical tensions, particularly affecting oil prices. In Nigeria, petrol prices have surged by at least 50%, with costs rising to N799 per liter from N1,200 per liter, contributing to widespread inflationary pressures, especially in food prices.

The latest spike in oil prices underscores the direct impact of geopolitical tensions on Nigeria's domestic economy.