Global Crude Prices Rise Amid Hormuz Tensions

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

According to a market survey by DAILY POST, Brent crude rose to $109.90, while WTI crude hit $101.40 per barrel.

The surge in prices saw Brent and WTI crude increase by 3.71 per cent and 3.51 per cent, respectively.

Two oil tankers exploded after hitting landmines in the Strait of Hormuz, contributing to the rise in crude oil prices.

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

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