Oil prices climbed to six-week highs amid escalating military exchanges between the United States and Iran in the Strait of Hormuz, according to Al Jazeera. The strikes have disrupted maritime traffic through the waterway, a critical chokepoint for global oil shipments. The reported surge in prices reflects market concerns over potential supply interruptions, as a significant share of the world's crude oil passes through the strait. The situation remains fluid as tensions between Washington and Tehran intensify.

Yemen's Iran-backed Houthi forces have launched drone strikes targeting four Saudi cities, according to Legit.ng, igniting oil installations and releasing video of the attacks. The escalation comes amid rising tensions in the Gulf and a broader Middle East conflict, pushing Brent crude prices above $99 per barrel. Saudi Arabia, described as a top United States ally, has faced repeated Houthi attacks on its energy infrastructure in past years. The reported strikes signal a further intensification of regional hostilities.

Asian shares rose on Thursday, driven by gains in the technology sector, particularly in Japan and South Korea, following positive earnings reports from U.S. companies like Qualcomm and Micron Technology. Meanwhile, oil prices decreased by over $1, nearing levels seen before the onset of the war with Iran. Qualcomm's stock experienced a 12% increase in after-hours trading after announcing a raise in its earnings forecast.

Asian stocks showed mixed results on June 24, 2026, following a significant sell-off in major technology stocks across Asia and Wall Street. U.S. stock futures also reflected mixed trading as global investors kept an eye on market developments in Japan and South Korea, which have recently experienced substantial gains.

Petrol prices in Lagos have risen to N1,310 per litre amid tensions in the global oil market. According to Goldman Sachs, crude oil prices could climb to $120 per barrel globally due to supply risks linked to the Middle East, which could push fuel costs higher worldwide.

Oil prices fell sharply on Thursday, reaching their lowest levels since the onset of the US-Iran conflict, following an interim agreement between the United States and Iran that alleviated concerns over global crude supply. According to Reuters, Brent crude futures decreased by $1.53.