Global oil prices surged yesterday as Brent crude rose above $90 per barrel, following renewed military strikes between the United States and Iran that disrupted shipments through the Strait of Hormuz.

Again, Iran Closes Strait of Hormuz After U.S. Renewed Strikes   Iran has declared the complete closure of the Strait of Hormuz, warning that any vessel attempting passage will be targeted, following fresh U.S. military strikes. The announcement came from Iran’s Khatam al-Anbiya military command, which said...

Oil Prices Fall as US-Iran Ceasefire Talks Advance   Fresh diplomatic moves between the United States and Iran triggered a further decline in global oil prices on Thursday, raising hopes of a possible reduction in petrol prices in Nigeria. Brent crude fell to $93 per barrel on...

The United States spent $578.78m on Nigerian crude oil imports in the first quarter of 2026, down from $681.40m in the same period of 2025, according to data from the U.S. Census Bureau and Bureau of Economic Analysis.  

Iran has established the Persian Gulf Strait Authority to regulate maritime traffic through the Strait of Hormuz, one of the world’s most critical oil shipping routes.  

The United States and China are in a fresh standoff over sanctions targeting Chinese oil refineries accused of processing Iranian crude, escalating tensions between the two largest economies.