Global oil benchmarks climbed sharply on Saturday after US President Donald Trump raised the prospect of a further military action against Iran, reviving concerns over supply risks from the prolonged conflict.
- A Saturday morning market check showed Brent crude gaining 3.82% to $116 a barrel, while West Texas Intermediate rose 3.14% to $103 a barrel.
- The advance followed Trump’s comments at a Florida rally on Friday, where he said the United States could launch another operation against Iran. “We may do another little Epic Fury,” he told supporters.
- The statement reversed the effect of his earlier suggestion that the Iranian war could end soon. Those previous remarks had briefly eased crude prices before the latest rally.
Economic pressure from the conflict
The war involving Iran, which intensified in February 2026, is nearing its eighth month. Higher gasoline and fuel costs are adding pressure to the US economy as the country approaches November’s midterm elections.
The disruption has extended far beyond the United States. Economies worldwide have been affected by the Iran conflict, compounding the economic damage already caused by the years-long Russia-Ukraine war.
In Nigeria, petroleum-product prices have risen steeply, increasing living costs for millions of households. Although the government is benefiting from stronger crude-export receipts, elevated domestic fuel prices remain a major burden for consumers.
