Oil prices climbed above $101 a barrel on Thursday as fighting between the United States and Iran continued to disrupt shipping around the Strait of Hormuz and the wider Gulf region.
Quick facts
- Brent crude: $102.30 a barrel
- WTI crude: $97.52 a barrel
- Daily gains: 1.05% for Brent and 1.53% for WTI
- Iran said it had struck 10 vessels near the Strait of Hormuz
- Nigerian petrol prices rose to N1,310-N1,350 per litre from N1,210-N1,275
Brent and West Texas Intermediate futures reached $102.30 and $97.52 per barrel, respectively, according to an oil-market survey. Brent gained 1.05% from the previous session, while WTI advanced 1.53% as the US-Iran confrontation intensified in recent weeks.
Iranian officials said their forces had attacked 10 ships close to the Strait of Hormuz, as Tehran and Washington continued contesting control of the strategic shipping route. The waterway is a key passage for global oil supplies, making renewed attacks a direct risk to energy markets.
The United States has also reported strikes against Iran, describing them as retaliatory action as the conflict between the two countries escalated. The war, now in its sixth month, has placed upward pressure on crude prices internationally and on fuel costs in domestic markets.
The US president has forecast that the Gulf conflict could conclude after the country’s midterm elections, which are scheduled to begin in November 2026.
In Nigeria, petrol prices have risen sharply in recent weeks. Pump prices are now between N1,310 and N1,350 per litre, compared with a previous range of N1,210 to N1,275.
