Oil markets surged sharply again on Monday as geopolitical tensions returned to the centre of global energy trading, with traders reacting to renewed uncertainty over peace negotiations involving the United States and Iran.
As at the time of writing, 06:20 am (WAT), Brent crude stood at $105.5 per barrel, while West Texas Intermediate (WTI) traded at $100.0 per barrel, reflecting a strong upward move of about 5% across major benchmarks.
The rally followed reports that U.S. President Donald Trump rejected Iran’s response to a proposed peace framework, a development that immediately shifted market sentiment back toward supply risk. Traders say the move has reopened fears of disruption around key shipping routes, particularly in the Middle East.
For Nigeria, the impact is expected to show quickly at the depot level. Import costs are likely to rise again, with marketers warning that landing prices for petrol may adjust upward if crude remains above the $100 mark.
Fuel distributors are now watching the market closely, as another round of global price increases could feed directly into pump prices across the country, adding pressure to transport costs and inflation already affecting households and businesses.