Global crude oil prices remained largely unchanged, staying below the $100 per barrel mark after Iran announced the re-closure of the Strait of Hormuz just hours after reopening it.
Market data shows that West Texas Intermediate (WTI) traded at $83.85 per barrel, while Brent crude stood at $90.38 at the time of reporting—figures nearly identical to those recorded the previous day.
Earlier, both benchmarks had dropped significantly—WTI by 11 percent and Brent by 9 percent—following Iran’s initial decision to reopen the vital shipping route.
The Iranian military attributed the renewed closure to actions by the United States, insisting that Washington must remove its blockade in the area.
Responding to the development, U.S. President Donald Trump described Iran’s latest move as an act of “blackmail.”
As tensions in the Middle East stretch into their 50th day, the global economic impact continues to deepen, with countries like Nigeria feeling the effects.
Domestically, petrol prices in Nigeria have surged to between ₦1,290 and ₦1,350 per litre as of Sunday morning, a sharp increase from about ₦900 per litre recorded before the Iran-US-Israel conflict.
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