Oil markets woke under tension, and a late-night address from President Donald Trump reshaped expectations globally.
He signalled continued military action against Iran, and this move extended uncertainty while pushing oil prices higher within hours.
Oil Marketers React To Trump’s Warning
As a result, Brent crude surged past $107 per barrel, while WTI rose above $105 per barrel during trading.
Traders reacted quickly, because they feared prolonged disruption to supply routes and tightening global energy availability.
Moreover, Trump insisted that the United States remained close to achieving its military objectives in the ongoing conflict.
He warned that strikes could intensify further, and he suggested several weeks of continued pressure on Iran’s infrastructure.
Meanwhile, the Strait of Hormuz remained a central concern, since it carries roughly 20% of global crude oil.
Consequently, any disruption there sends shockwaves through markets and affects prices far beyond the immediate region.
In response, Trump urged countries dependent on the strait to take responsibility and keep the route open.
Additionally, he encouraged them to consider sourcing oil from the United States if supply problems persist.
Earlier, he issued a 48-hour ultimatum to Iran, demanding they reopen the strait or face strikes on energy facilities.
However, that deadline passed, and tensions remain, so global supply chains continue facing pressure and uncertainty.
Strait Of Hormuz Under Pressure
In addition, the Strait of Hormuz faces ongoing strain, and markets watch it closely for any disruption signals.
The route carries a significant share of global oil, and any blockage would affect prices immediately worldwide.
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Therefore, investors remain cautious, because supply risks continue to outweigh short-term market stability.
Nigeria Feels Rising Oil Impact
In Nigeria, the effects already appear, as rising fuel prices drive broader inflation pressures nationwide.
Currently, petrol sells between ₦1,300 and ₦1,350 per litre after local supply dynamics trigger price adjustments.
The Dangote Refinery has influenced recent pricing adjustments across markets.
Furthermore, higher fuel costs push up transport fares, logistics expenses, and business operating costs significantly.
According to a report from newsmen, food prices surged sharply in Lagos markets.
For example, pepper prices jumped, as medium bags rose from ₦32,000 to ₦80,000 within a month.
Similarly, large bags climbed from ₦58,000 to ₦140,000, and this highlights severe pressure on supply chains.
At the same time, fish prices also rose, and Kote reached ₦8,500 per kilogram in many markets.
Likewise, Titus increased to ₦9,500 per kilogram, and this added further strain on household food budgets nationwide.
Ultimately, global politics drive these shifts, and they continue to shape daily life and spending decisions everywhere.
