Iran's Claims of Vessel Attacks Drive Oil Prices Above $111

On October 22, 2026, global crude oil prices surged above $111 per barrel, with Brent crude rising by 2.59% to $111.60 per barrel and US West Texas Intermediate (WTI) trading at $98.98 per barrel. This increase followed claims by Iran’s Islamic Revolutionary Guard Corps (IRGC) that seven vessels were struck in separate incidents near the Strait of Hormuz.

The IRGC reported that four vessels allegedly involved in illegal oil transfers were simultaneously attacked and caught fire. These incidents heightened concerns over potential disruptions to oil shipments through this critical waterway, which could tighten global petroleum supplies and sustain upward pressure on crude prices.

The volatility in oil prices has implications for Nigeria, where energy inflation rose to 10.85% year-on-year in September 2026, complicating efforts to stabilize domestic petrol prices amid ongoing fluctuations in international energy markets.