Global oil benchmarks climbed sharply over the weekend as escalating disruption in the Strait of Hormuz intensified fears over crude supplies. By Sunday, Brent crude was trading at $109.90 a barrel, while West Texas Intermediate (WTI) stood at $101.40 per barrel, representing gains of 3.71% and 3.51%, respectively.
The price increase followed reports that two oil tankers detonated after striking a landmine in the Strait of Hormuz. Iran’s Islamic Revolutionary Guard Corps confirmed the blasts and said the strategic waterway was still blocked.
Continuing uncertainty over the passage has deepened concerns about global petroleum availability and driven local fuel-product prices to unprecedented levels. Nigeria’s downstream petroleum market has been adversely affected by the rise in international crude prices, with petrol now selling for between N1,370 and N1,420 per litre in Abuja and surrounding areas.
