Crude prices climbed sharply as attacks on shipping in the Strait of Hormuz disrupted maritime traffic across the Middle East. By Wednesday, Brent crude was trading at $92 a barrel and West Texas Intermediate (WTI) at $85.90, with both benchmarks gaining at least 1% from the previous day and extending a four-session advance. Shipping data showed that only six commodity-carrying vessels passed through the strategic waterway on Tuesday as tensions in the Gulf intensified, while other vessels were reportedly forced to reverse course amid the dispute over whether the strait had been blocked. US President Donald Trump has said the Strait of Hormuz remains open, whereas Iran maintains that it is closed, a conflicting position that has weighed on oil markets both internationally and domestically. In Nigeria, however, Dangote Refinery’s decision to lower its gantry premium motor spirit (PMS) price to N1,165 per litre has helped bring retail fuel prices down over the past two weeks, to between N1,210 and N1,275 per litre in Abuja and surrounding areas.
