Global crude oil prices have risen by 8.22% to $112 per barrel, driven by escalating tensions between the US and Iran.
The conflict has disrupted shipping in the Strait of Hormuz, a critical oil transit route, pushing prices up over 53% this month and 83% year-to-date.
This surge has impacted Nigeria, with Dangote Petroleum Refinery increasing petrol prices to N1,275 per litre, citing global market realities.
The price hike is expected to affect transportation and goods costs, exacerbating economic pressures on Nigerians.
The International Energy Agency has advised reducing air travel to curb jet fuel demand amid the crisis.
If tensions persist, oil prices could exceed $112 per barrel, with Saudi Arabia warning of a possible $180 per barrel price tag if the Strait of Hormuz is closed.
