Global crude oil prices surged over the weekend as escalating tensions in the Strait of Hormuz heightened concerns over global oil supplies.
A market survey on Sunday showed that Brent crude rose to $109.90 per barrel, while West Texas Intermediate (WTI) crude climbed to $101.40 per barrel.
The surge followed reports that two oil tankers exploded after hitting a landmine in the Strait of Hormuz, triggering renewed increases in crude oil prices.
Iran’s Islamic Revolutionary Guard Corps (IRGC) confirmed the explosions and warned that the strategic waterway remained blocked.
Consequently, Brent and WTI crude prices rose by 3.71 per cent and 3.51 per cent, respectively.
The uncertainty surrounding the Strait of Hormuz has intensified concerns over global crude oil supplies, pushing domestic petroleum product prices to record highs.
Nigeria’s downstream petroleum sector has also come under pressure from the surge in international crude oil prices, with petrol prices currently ranging between ₦1,370 and ₦1,420 per litre in Abuja and its environs.