Oil Prices Surge Over 5% Amid U.S.-Iran Tensions

Oil prices experienced a significant increase of over 5% after U.S. President Donald Trump indicated that the United States would intensify its military operations against Iran.

In a prime-time address on Thursday, Trump provided updates on the ongoing military actions involving the U.S. and Israel against Iran, which have been ongoing for 32 days. Following his speech, global oil benchmarks reacted sharply, with Brent crude futures climbing by 6.33% to $107.49 per barrel, while West Texas Intermediate crude rose by 5.28% to $105.40 per barrel.

Trump's remarks suggested that the conflict would persist, warning of intensified strikes on Iran's capital. The situation has raised concerns about the security of the Strait of Hormuz, a critical route for global crude oil transport, which could face military strikes.

The ripple effects of rising global oil prices are being felt in Nigeria, where petrol prices have increased from N1,300 to N1,350 per liter, significantly raising transportation and logistics costs and contributing to inflationary pressures on household staples.