Again, Brent Crude Hits $109 Amid Middle East Crisis
Brent crude climbed above $109 per barrel on Monday, intensifying pressure on Nigeria’s downstream market where petrol prices have already reached ₦1,500 per litre and diesel ₦2,000.
The rise followed Gulf states’ cancellation of talks with Iran on reopening the Strait of Hormuz, while Yemen’s Houthi fighters launched missile and drone attacks on Saudi Arabia’s King Khalid Airbase. Concerns over disruptions to global oil supplies through Hormuz, a key energy shipping route, drove prices higher.
Oilprice.com reported Brent crude trading above $109 and West Texas Intermediate at $104. The rally has renewed fears of further increases in Nigerian pump prices, already strained by repeated adjustments in ex-depot and gantry prices.
Dangote Refinery raised its gantry price from ₦1,265 to ₦1,350 per litre on Saturday, marking the fourth increase since August 21. In three weeks, the refinery’s gantry price rose ₦185, or nearly 16%.
The crisis has also affected Saudi Arabia’s East–West pipeline, capable of transporting seven million barrels daily to Yanbu. A drone attack disrupted operations, raising fears that both Hormuz and Bab al-Mandab chokepoints could be compromised.
For Nigerians, the immediate impact is higher transport and logistics costs, with ripple effects on food distribution and commodity prices. Social media users have appealed to government to intervene before rising fuel costs erode economic recovery gains.
Analysts warn that if geopolitical tensions persist, crude costs will continue to pressure domestic petrol prices. While Brent remains below the $115 peak reached earlier in the crisis, Dangote’s current gantry price is already higher than at that time, underscoring the strain on households and businesses.