Crude oil prices top $101/barrel as Iran-US conflict persists in Strait of Hormuz

Crude oil prices rose significantly to above $101 per barrel on Thursday as the United States and Iran sustained attacks on ships in the Strait of Hormuz, Gulf region.

An oil market survey showed that Brent and West Texas Intermediate, WTI crude blends rose to $102.30 and $97.52 per barrel, respectively, on Thursday.

This means that, on a day-to-day basis, Brent and WTI rose by 1.05 per cent and 1.53 per cent, respectively, as attacks intensified between the US and Iran in recent weeks.

DAILY POST reports that Iranian officials claimed the country attacked 10 ships near the Strait of Hormuz as the battle for dominance with the US continues.

Earlier, the US had also claimed attacks on Iran as retaliatory attacks between both countries flared, with the six-month-long war impacting global and domestic oil prices.

The US president, however, predicted that the war in the Gulf region may end after the country’s midterm elections, expected to kick off in November 2026.

DAILY POST reports that fuel pump prices had surged significantly in recent weeks to between N1,310 and N1,350 per litre, from N1,210 and N1,275 per litre in Nigeria.