Global Oil Prices Rise Amid Hormuz Tensions

Global crude oil prices increased significantly as tensions in the Strait of Hormuz escalated, with prices reaching $109 per barrel.

Brent and West Texas Intermediate crude prices climbed to $109.90 and $101.40 per barrel, marking a rise of 3.71 per cent and 3.51 per cent respectively.

The surge in oil prices followed reports of two oil tankers exploding after hitting a landmine in the Strait of Hormuz, raising concerns over global supply.

Uncertainty over the Strait of Hormuz has intensified worries about crude oil supply, leading to record-high domestic petroleum product prices.

Nigeria's petroleum downstream sector has faced challenges due to the rise in global crude oil prices.