Oil Prices Soar as Trump Threatens Hormuz Blockade, Fuel Hike Fears Grip Nigeria

|By Babatunji Wusu

Global oil markets jolted on Monday as crude prices surged sharply following a blockade threat by U.S. President Donald Trump targeting the strategic Strait of Hormuz.

Data showed that West Texas Intermediate (WTI) climbed to $103 per barrel, while Brent crude rose to $101 per barrel, marking a significant 7 percent spike driven by escalating geopolitical tension.

The rally comes after the collapse of U.S.-Iran peace talks, reportedly brokered by Pakistan, deepening uncertainty in the global energy market.

Over the weekend, Trump announced via his Truth Social platform that the U.S. Navy would begin “BLOCKADING any and all ships trying to enter or leave the Strait of Hormuz,” a critical oil transit route that handles a substantial share of the world’s crude supply.

Iran swiftly pushed back, warning Washington of the grave consequences such a move could trigger, raising fears of a broader confrontation in the region.

The mounting tension has sent shockwaves across oil markets, with traders reacting to the possibility of disrupted supply from the Gulf.

In Nigeria, the ripple effects are already sparking anxiety, as analysts warn that the surge in crude prices could trigger another increase in domestic fuel costs.

Petrol is currently selling between ₦1,290 and ₦1,350 per litre across filling stations nationwide, and any sustained rise in global oil prices could push prices even higher, worsening the burden on consumers.

With the United States and Iran locked in a fresh standoff, attention is now fixed on the Strait of Hormuz, where any escalation could reshape global energy dynamics and deepen economic pressure on oil-dependent nations like Nigeria.