Global oil prices climbed sharply as attacks on vessels in the Strait of Hormuz disrupted shipping through the critical Middle East chokepoint, according to market surveys and shipping data.
An oil price survey showed Brent crude rising to $92 per barrel, while West Texas Intermediate reached $85.90 per barrel at the time of reporting. Both benchmarks gained at least one percent on the day, extending a four-day rally driven by escalating supply concerns.
Shipping-tracking data from Kpler, cited by Reuters, indicated just six commodity vessels transited the Strait of Hormuz on Tuesday, a sharp decline reflecting heightened tensions in the Gulf region. Additional reports noted some ships had turned back while in the strait amid conflicting claims over its operational status.
The waterway’s status remained contested. Official statements declared the strait open, while Iranian authorities maintained it was closed, a standoff that continued to weigh on global and domestic oil markets.
In Nigeria, Dangote Refinery’s reduction of its gantry premium motor spirit price to N1,165 per litre has pressured retail pump prices downward over the past two weeks. Prices in Abuja and surrounding areas now range between N1,210 and N1,275 per litre, offering some relief to consumers amid broader global volatility.
The developments underscore the fragility of energy supply chains exposed to geopolitical flashpoints. With the Strait of Hormuz handling a significant share of global seaborne oil Trade, any sustained disruption risks amplifying price pressures worldwide. Market participants are monitoring diplomatic efforts to de-escalate tensions and restore normal transit flows, while Nigerian consumers watch for further adjustments as local refinery output influences domestic pricing dynamics.
