Brent crude approached the $95-per-barrel mark on Friday as escalating tensions around Iran and the Strait of Hormuz continued to raise concerns over global oil supplies, while elevated diesel and petrol prices persisted across major Nigerian depots.
Brent crude was trading at $94.63 per barrel, up 0.91%, while WTI crude rose 0.55% to $87.31 per barrel. The gains came as Iran warned Gulf states against supporting U.S. military operations, while Washington prepared additional economic measures against Tehran.
A review of the latest depot prices by Petroleumprice.ng showed that diesel prices remained elevated across Lagos, Warri and Port Harcourt, with some depots selling AGO at ₦1,750–₦1,780 per litre, significantly above the ₦1,670/Lprice at Dangote's refinery.
In Lagos, Pinnacle was selling AGO at ₦1,670/L, while Ibachem, Duport and Gulf Treasure had also reviewed their prices to ₦1,670/L. TMDK was listed at ₦1,675/L, while Ibachem, Ibeto, T.Time, Rainoil and Wosbab were each listed at ₦1,675/L in separate price reviews.
Other Lagos depots were higher. African Terminal, Integrated, Duport, Ibachem, Gulf Treasure, T.Time and Asconwere listed at ₦1,680/L, while Obat was also at ₦1,680/L. Rainoil was listed at ₦1,700/L, alongside Nipco and Pivot at the same price.
At the upper end of the Lagos market, Sahara was selling AGO at ₦1,750/L, while a separate price review placed Pivotat ₦1,750/L.
Petrol prices were comparatively lower but remained above Dangote's refinery price in several locations. In Lagos, Pinnacle was listed at ₦1,190/L, while MRS Tincan was at ₦1,192/L. Integrated, African Terminal and Ardova were each listed at ₦1,198/L, while Pivot and Nipco were at ₦1,200/L.
The wider depot market also showed higher petrol prices outside Lagos. Matrix and Mainland in Calabar were listed at ₦1,215/L, while Hong Petroleum and Northwest were at ₦1,215/L and ₦1,213/L respectively in separate reviews. Soroman was listed at ₦1,212/L, while Fynefield was higher at ₦1,220/L.
In Warri, Rainoil was selling petrol at ₦1,215/L, while Nepal was also listed at ₦1,215/L. Port Harcourt prices included Masters, Sigmund and Liquid Bulk at ₦1,218/L, while Bulk Strategic and TSL were at ₦1,215/L.
Diesel prices were similarly elevated outside Lagos. Rainoil in Warri was listed at ₦1,750/L, while Prudent was at ₦1,740/L and A.Y.M Shafa at ₦1,780/L. In Port Harcourt, Bulk Strategic was listed at ₦1,745/L.
The depot prices come shortly after Dangote raised its diesel price by ₦100/L to ₦1,670/L, effective from midnight on August 21. The refinery had previously sold AGO at ₦1,570/L.
The latest depot figures mean some Lagos sellers are now only marginally above the refinery price, while others remain significantly higher. Sahara and Pivot, for instance, were ₦80/L above the new Dangote rate, while Rainoil's ₦1,700/L price was ₦30/L higher.
The elevated domestic prices are emerging against a more volatile international oil market, with the Iran conflict continuing to create uncertainty around shipping through the Strait of Hormuz.
Iran has warned Gulf states that support for U.S. military operations would make them participants in the war. The warning followed the United Arab Emirates' decision to suspend trade, commercial exchanges and financial transactions with Iran after accusing Tehran of firing two ballistic missiles towards vessels off the Emirati coast. Iran has denied the allegation.
Trump has also threatened “tremendous” economic consequences for countries whose banks, businesses, airports or government entities provide Iran with what he described as “any type of lifeline.” Washington has said it will announce what it describes as the “toughest sanctions in history” on Monday.
China remains a major focus of the sanctions threat because it buys more than 80% of Iran's seaborne oil, making the impact on Iranian exports particularly important for global crude markets.
The conflict has also affected tanker movements through Hormuz, with shipping activity becoming increasingly uncertain as operators assess the risk of attacks and potential restrictions on the waterway.
Beyond the immediate oil-market pressure, the conflict has expanded the strategic role of the U.S. military base at Diego Garcia in the Indian Ocean. Following Iranian attacks on U.S. facilities in Bahrain, the Pentagon has shifted additional logistics towards the base, extending supply routes by roughly 2,200 miles across the Indian Ocean. Iran previously fired two ballistic missiles towards Diego Garcia, with one failing in flight and the other intercepted.
The geopolitical uncertainty is occurring alongside developments that could influence future global oil supply.
Chevron has reported another offshore oil and gas discovery in Angola, with the 105-4X well in Block 0 encountering more than 2,000 feet of hydrocarbons and over 300 feet of net pay in an “excellent” reservoir. The discovery could potentially be connected to existing Block 0 infrastructure, although Chevron has not disclosed recoverable resources or projected production.
Brazil is also expanding exploration along the Equatorial Margin, with Petrobras committing another $2.5 billion to the region after its first well in the Foz do Amazonas Basin confirmed oil. Petrobras plans to drill 15 Equatorial Margin wells through 2030 under a broader $7.1 billion exploration programme, while Brazil continues to rely heavily on production from the Santos and Campos pre-salt basins.
In Namibia, Equinor is entering the Orange Basin after agreeing to acquire a 17.4% stake in PEL 90 from Chevron. The transaction will reduce Chevron's interest from 52.5% to 35.1%, while Equinor will gain exposure to the planned Nabba-1X exploration well. The licence is located around 60 kilometres from areas containing TotalEnergies' Venus and Shell's Graff discoveries.
Equinor has also secured a three-year crude supply agreement with Poland's Orlen for up to approximately 9 million tonnes annually from the Johan Sverdrup field, equivalent to roughly 180,000 barrels per day at the upper end. The agreement is intended to help reduce Orlen's dependence on Russian crude.
In Venezuela, U.S. oil companies are also returning to the sector. Hunt Oil has agreed to expand Venezuelan oil and gas production, while SLB signed an exploration agreement during a visit to Houston by senior Venezuelan officials. Financial terms of the agreements were not disclosed.
For Nigeria's downstream market, the immediate pressure remains visible in depot prices. With Brent approaching $95/bbl, international supply risks remain elevated at a time when AGO prices across several Nigerian depots are already above ₦1,700/L.
The combination of higher global crude prices, geopolitical risk around Hormuz and elevated local depot prices leaves the direction of domestic petroleum prices closely tied to developments in both international markets and regional crude supply.