Oil prices climbed on Wednesday after U.S. President Donald Trump said the ceasefire with Iran had ended, a development that renewed market worries about the risk of disruption in global crude supplies. Trading checks on the day showed Brent crude rose to about $77.74 per barrel and West Texas Intermediate climbed to roughly $73.52 per barrel, up around 4% from Tuesday’s levels of $72 and $68 per barrel, respectively. The move came after Trump stated that the United States’ ceasefire with Iran was no longer in place as both sides reportedly resumed airstrikes.
Trump also signaled a harder posture toward Tehran, saying he did not want to engage with Iran further. “I think it’s over. I don’t want to deal with them any more; they’re scum,” he said, framing the escalation as an end to negotiations. Investors have tended to treat such statements as signals of heightened geopolitical risk, particularly when they coincide with reports of military activity that could affect shipping lanes, production, or broader regional stability.
The renewed pressure on crude comes despite earlier progress. In June, the U.S. and Iran had agreed on a broad ceasefire framework described as comprehensive, which had helped calm energy-market expectations. However, the broader conflict between Iran, the United States, and Israel escalated on February 28, 2026, triggering an earlier spike in global energy prices. With the ceasefire now described as over, traders appear to be pricing in the possibility of another round of volatility.
For Nigeria, where fuel costs remain tightly linked to international crude and foreign-exchange dynamics, the latest upswing could work against recent improvements. The resurgence in oil prices is expected to weigh on domestic petrol prices that have been easing, potentially reversing some of the relief felt by consumers and businesses as costs come under renewed pressure.
