Global crude oil prices eased by almost 2% as the Iran–United States–Israel conflict moved into its third month, but the near-term trading picture remains volatile. Market checks on Friday afternoon showed Brent and West Texas Intermediate rising by 1.80% and 1.87% to $87.30 and $91.96 per barrel, respectively. The latest shift follows a brief spike in both crude benchmarks between Wednesday and Thursday.
Key takeaways
- Crude benchmarks were higher on Friday afternoon despite an overall near-2% dip in global pricing.
- Brent was quoted at $87.30 per barrel after a 1.80% rise, while WTI reached $91.96 per barrel after gaining 1.87%.
- Fears tied to the Strait of Hormuz have continued to shape global shipment expectations and price moves.
- Nigeria’s retail fuel costs climbed sharply during the Gulf disruption, moving far above earlier levels.
- Dangote Refinery’s pricing actions, including a recent reduction in automotive gas, have supported supply and stability in local markets.
Oil market moves and the Nigeria price outlook
While the day’s direction pointed upward for both major benchmarks, the broader decline in global crude prices has renewed expectations that petroleum product retail prices in Nigeria could fall. The optimism rests on the idea that easing crude costs can translate into lower downstream pricing, provided supply conditions remain steady.
The trading backdrop is closely linked to heightened geopolitical risk in the Persian Gulf. The US government has recently announced sanctions on Iran related to the Strait of Hormuz, a chokepoint that carries a large share of global crude shipments. As that risk persists, oil prices can swing quickly, even when the overall trend in the market appears to soften.
From Gulf disruption to Nigeria’s downstream costs
Since February 28, 2026, reports have described the Gulf region as being pushed into a crisis following escalation between Iran and the US–Israel axis. The disruption has been framed as having spillover effects on world economic activity, including Nigeria’s domestic energy downstream market.
One tangible impact has been the sharp rise in fuel prices in Nigeria. Retail pricing increased to a range of N1,345 to N1,365 per liter, compared with roughly N900 per liter before the escalation intensified. Such increases raised pressure on household spending and business operating costs, particularly for sectors reliant on refined products.
Despite the broader turbulence, Dangote Refinery has been cited as a key factor in maintaining petroleum product price stability and ensuring availability across Nigeria and parts of the African continent. Most recently, the refinery cut its automotive gas price to N1,600 per liter from around N1,800, a move viewed as supportive for consumers and distributors attempting to manage higher import and logistics costs.
