LAGOS, Nigeria — Brent crude oil prices climbed to $126.31 per barrel on Thursday, an 8.28% surge and the highest level since June 2022, as U.S. President Donald Trump considers resuming military action against Iran.
Okay News reports that West Texas Intermediate (WTI) crude also rose 3.37% to $110.48 per barrel, with both benchmarks moving sharply higher after Axios reported that Trump is set to receive a military briefing from CENTCOM Commander Admiral Brad Cooper.
The planned briefing signals a potential return to military strikes on Iran as negotiations between the two sides remain stalled under an extended ceasefire agreement.
On Wednesday, Trump said the blockade of the Strait of Hormuz, a critical global oil transit route handling approximately 20% of the world’s oil supply, would remain in place until Iran agrees to abandon its nuclear ambitions. “The blockade is somewhat more effective than the bombing. And it is going to be worse for them. They can’t have a nuclear weapon,” Trump said.
He added: “They want to settle. They don’t want me to keep the blockade. I don’t want to [lift the blockade], because I don’t want them to have a nuclear weapon.”
Oil prices have remained sensitive to developments in the conflict since it began on February 28, following a joint U.S.-Israel military strike that reportedly killed Iran’s Supreme Leader. Prices surged more than 5% on April 2 after Trump signalled a sustained military offensive, fell sharply on April 8 following a two-week ceasefire agreement, then climbed more than 7% on April 13 after Trump ordered a naval blockade of the Strait of Hormuz.
In Nigeria, petrol prices have risen at least 50.19% since the crisis began, climbing from N799 per litre to approximately N1,200 per litre (approximately $0.78) at the gantry and N1,153 per litre (approximately $0.75) at the coast.
Food prices in Lagos markets have also risen sharply, driven by higher transportation and logistics costs. A medium bag of pepper rose from N32,000 (approximately $21) in February to N80,000 (approximately $52) in March, while a large bag increased from N58,000 (approximately $38) to N140,000 (approximately $91), increases of 141.38% and 150% respectively. Large tomato baskets rose from N40,000 (approximately $26) to N60,000 (approximately $39), with oval varieties increasing from N25,000 (approximately $16) to N35,000 (approximately $23).
