Oil markets opened tense turning into sharp rally.
Brent crude surged above $126 per barrel, climbing 8.28% to $126.31.
Meanwhile WTI climbed 3.37% to $110.48 per barrel today.
Geopolitical risk returned strongly across energy markets.
US Iran Tensions Escalate Oil Markets
Rally followed fears of renewed US Iran conflict.
President Trump may consider fresh military action against Iran.
He will receive CENTCOM briefing from Adm. Brad Cooper.
Therefore Washington reassesses options after stalled negotiations.
Ceasefire And Hormuz Pressure
Ceasefire exists but looks fragile and uncertain.
Moreover diplomatic progress slowed worrying global energy traders.
Attention shifts to Strait of Hormuz oil route.
It carries 20% of global oil shipments daily.
Trump says restrictions remain until Iran drops nuclear ambitions.
Iran pushes for easing economic restrictions.
Neither side shows willingness for concessions yet.
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Oil Volatility And Nigeria impact
Oil reacted sharply earlier this year to tensions.
Prices jumped over 5% during escalation fears.
They fell after temporary ceasefire reduced anxiety.
Then rose again after naval restrictions in Hormuz.
In Nigeria impact appears visible in daily life.
Petrol sells around ₦1,200 per litre nationwide.
Up from about ₦799 before crisis began.
Transport costs have risen sharply nationwide.
Food prices surged across Lagos markets recently.
Pepper prices more than doubled due to transport.
Medium bags rose from ₦32,000 to ₦80,000.
Larger bags reach ₦140,000 in some areas.
Tomatoes climbed between ₦25,000 and ₦60,000.
Crisis shows geopolitics drives living costs.
