Global oil prices surged on Thursday as geopolitical tensions escalated, with fresh threats from the United States and renewed Middle East unrest rattling markets. As at the time of writing (8:05 AM WAT), Brent crude climbed to $108 per barrel, up 6.75 per cent while WTI surged to $106 per barrel, up 6.10 per cent in intraday trading, reversing earlier losses and reflecting rising investor anxiety.
The rebound comes amid widening conflict in the Middle East, including Iran’s ongoing military actions and its effective exclusion from parts of the global oil market. Analysts say these developments, alongside threats to key supply routes like the Strait of Hormuz, are tightening supply expectations and pushing prices higher.
Market jitters intensified after US President Donald Trump, speaking from the White House’s Oval Office, warned of “extremely hard” strikes against Iran over the next two to three weeks. “We are going to finish the job, and we’re getting very close,” Trump said, emphasising his goal to crush Iran’s military and halt its support for regional armed groups.
Trump also threatened to target Iran’s civilian energy infrastructure if a negotiated settlement is not reached, vowing to “bring them back to the Stone Ages.” The comments came as Iran reportedly took control of the Strait of Hormuz, a critical chokepoint responsible for one-fifth of global oil transit, and as gasoline prices in the US climbed above $4 per gallon.
The conflict has already impacted broader infrastructure, including reported strikes by Iran affecting Amazon Web Services facilities in Bahrain, highlighting how tensions are spilling beyond traditional energy assets into wider economic networks.
For Nigeria’s downstream market, the surge complicates expectations around fuel pricing and distribution.
Marketers who had resumed sales cautiously after the recent dip may adopt a more conservative stance as volatility persists. Analysts note that oil prices are now increasingly driven by headlines rather than fundamentals a trend that could keep the market unpredictable in the near term.