Oil Prices Surge to $126 Amid U.S.-Iran Tensions

Oil prices reached $126 per barrel, marking the highest level since 2022, as U.S. military officials briefed President Donald Trump on potential actions against Iran. Brent crude rose nearly 7% before falling back to around $114 later in the day.

The price surge is linked to stalled negotiations with Iran regarding its nuclear program and the ongoing conflict in Ukraine, which has affected global energy prices. The U.S.

Central Command, led by General Brad Cooper, and Chairman of the Joint Chiefs of Staff, General Dan Cain, are reportedly preparing military options, including a naval blockade of Iranian ports and potential strikes on infrastructure. Iranian Supreme Leader Mojtaba Khamenei responded by asserting the need to secure the Strait of Hormuz.

The situation has led to increased petrol prices in Nigeria, with costs rising to approximately N1,400 per liter, reflecting a 75% increase since the start of the conflict in Ukraine.