Oil Prices Surge Past $90 Amid US-Iran Tensions

Crude oil prices have increased to over $90 per barrel following renewed military strikes between the United States and Iran over the Strait of Hormuz. On August 31, the US military struck Iranian rocket launchers on Larak Island, which prompted Iran to retaliate with missile and drone attacks on US bases in Jordan.

Brent crude futures rose by $2.21 to $90.31 per barrel, while US West Texas Intermediate (WTI) crude increased by $1.83 to $85.23. This escalation follows warnings from the US military regarding Iranian forces preparing to deploy sea mines in the Strait of Hormuz.

Captain Tim Hawkins, a spokesperson for US Central Command, confirmed the US military's actions against the Iranian launchers, marking the first known attack on Iran since late July. The situation escalated despite recent progress between Iran and Oman aimed at restoring shipping through the Strait.

The rise in oil prices could positively impact Nigeria's government revenue, which is heavily reliant on oil exports, although it may also increase domestic fuel and transportation costs.