Oil prices surged on Wednesday, with global benchmarks posting steep gains that pushed both Brent and West Texas Intermediate higher by more than 6%. In trading at the time of this report, Brent crude climbed 6.56% to $89.61 per barrel, while WTI rose 6.45% to $84.37 per barrel. The move brought Brent toward the $90 level, its strongest point in recent weeks, as investors weighed firmer demand expectations alongside growing worries about the outlook for worldwide supply.
Wednesday’s rebound followed a period of notable declines in crude earlier in the week, underscoring how quickly sentiment can shift in the oil market. The latest rally comes after U.S. President Donald Trump signaled that he could respond forcefully to Iran, a threat that has added to already heightened geopolitical risk. The Middle East has been in crisis since February 2026, and the renewed escalation has continued to feed into both global pricing and domestic energy costs.
In Nigeria, the impact is showing up in local fuel markets as prices for refined petroleum products—particularly petrol—have been moving upward since last week. Dangote Refinery restarted the sale of refined products in naira, raising its gantry price for petrol to N1,215 per litre. Petrol depot operators have been offering the fuel in the range of N1,216 to N1,235 per litre, and that has translated into higher pump prices. In Abuja and surrounding areas, petrol is now being sold at between N1,300 and N1,335 per litre.
