Global crude oil prices surged on Friday, lifting both benchmark grades by more than four percent and bringing Brent nearer the $90-a-barrel threshold. Brent climbed 4.19% to $87.76 per barrel, while West Texas Intermediate (WTI) rose 4.12% to $82.20 per barrel, according to market data. The sharp rebound came as Middle East tensions intensified, with shipping disruptions slowing passage through the Strait of Hormuz.
Crude rebounds on geopolitical risk
The renewed jump in oil reflects heightened concerns tied to the Middle East, where disruptions to maritime traffic through the Strait of Hormuz have tightened supply expectations. As a result, Brent moved closer to the psychological $90 level, and WTI pushed above $82 per barrel.
Analysts note that oil’s rise can quickly feed into domestic energy costs. Higher international crude prices typically raise the price of refined petroleum products, which can translate into more expensive fuel for consumers and businesses.
Nigeria fuel prices tick up amid higher global oil
In Nigeria, the latest increase in crude prices appears to be already showing up at the retail and distribution levels. Depot owners and petroleum product marketers reportedly raised prices on Thursday by a range of N40 to N120 per litre.
- Depot owners increased their prices to between N1,175 and N1,220 per litre, up from roughly N1,090 per litre the previous week.
- Petroleum marketers in Abuja and surrounding areas adjusted petrol prices to around N1,220 per litre, compared with levels as low as N1,170 per litre.
Retail outlets hold steady; refinery sales resume
Despite the broader pricing adjustments, not all outlets moved at the same pace. The Nigerian National Petroleum Company Limited’s retail fuel price in Abuja was reported to have stayed unchanged at N1,155 per litre as of the time the report was filed.
The backdrop to these shifts is also linked to refining activity. Dangote Refinery resumed sales of refined petroleum products in dollars just three days earlier, a development that may influence how quickly market prices respond to changes in global crude benchmarks.
