Global oil prices rose sharply on Wednesday as attacks on vessels in the Strait of Hormuz disrupted shipping and heightened fears over the security of crude supplies from the Middle East.
Brent crude climbed to about $92 per barrel, while West Texas Intermediate (WTI) rose to $85.90 per barrel at the time of reporting. Both benchmarks gained at least one per cent on the day, extending their rally to four consecutive sessions.
The surge followed growing concerns over vessel movements through the strategic waterway, which handles a significant share of global oil shipments. Reuters, citing shipping-tracking data from Kpler, reported that only six commodity vessels transited the Strait of Hormuz on Tuesday amid escalating tensions in the Gulf region.
Some vessels were also reported to have turned back in the Strait, further raising concerns about a possible disruption to international oil supplies.
The situation has been complicated by conflicting positions over the status of the waterway. United States President Donald Trump has declared the Strait of Hormuz open, while Iran maintains that it remains closed, adding to uncertainty in the global oil market.
The developments could also affect domestic fuel prices, as changes in international crude prices and supply conditions influence Nigeria’s downstream petroleum market.
However, the recent reduction in the gantry price of Premium Motor Spirit (PMS) by Dangote Refinery to N1,165 per litre has helped push retail petrol prices lower over the past two weeks. Pump prices in Abuja and surrounding areas have reportedly fallen to between N1,210 and N1,275 per litre.
With tensions around the Strait of Hormuz continuing, further movements in global oil prices could determine the direction of petrol prices in Nigeria in the coming days.
