London, United Kingdom – Brent crude oil rose above $105 per barrel on Monday as the U.S.-Israeli conflict with Iran hit its third week. Supply risks grew around the Strait of Hormuz, a vital chokepoint for global shipments. The strait, between Iran and Oman, carries one-fifth of world oil.
U.S. West Texas Intermediate crude reached $100.32 per barrel, up 1.63 percent. Both benchmarks gained over 40 percent this month, highest since 2022. Iran halted shipping there after U.S.-Israeli strikes.
President Donald Trump warned of more attacks on Kharg Island, Iran’s key oil export hub. Iranian drones hit Fujairah terminal in the United Arab Emirates. Loading resumed, but tensions persist.
Okay News reports diplomacy has stalled. Middle East allies sought talks, but Trump refused. Iran demands an end to strikes before any ceasefire.
The International Energy Agency will release 400 million barrels from reserves. This record move aims to curb price spikes. Markets fear a prolonged Strait of Hormuz closure.
In Nigeria, West Africa, petrol hit 1,230-1,300 naira per litre, or $0.82-$0.87 USD. The Nigeria Labour Congress (NLC) seeks aid for workers facing higher costs.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) urges oil windfalls for gas infrastructure. Nigeria relies on oil exports amid global shocks.
Energy traders watch military moves closely. Iranian retaliation could spike prices further. Consumers worldwide brace for sustained high fuel costs.
