Oil Prices Surge Above $105 Amid Iran Conflict Tensions

Oil prices have risen sharply, with Brent crude futures increasing to $105.15 per barrel, reflecting fears of prolonged conflict in the Middle East involving Iran, the United States, and Israel. The conflict, now in its third week, raises concerns about potential disruptions to global oil supply, particularly through the critical Strait of Hormuz, a vital route for oil shipments.

Brent crude settled at $105.15, up 2.68 from the previous session, while U.S. West Texas Intermediate (WTI) crude climbed to $100.32 per barrel.

The International Energy Agency (IEA) has reported a record draw to mitigate price spikes linked to the conflict. Diplomatic efforts to resolve the situation appear stalled, and market participants remain focused on geopolitical developments.

The rising oil prices have already impacted fuel costs in Nigeria, prompting calls from the Nigeria Petroleum Product Retail Outlet Owners Association for the federal government to invest in strengthening domestic energy capacity to improve long-term supply stability.