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.

Oil prices moved closer to $100 a barrel following an escalation in tit-for-tat strikes between the United States and Iran, according to the BBC. The US reportedly struck Iranian oil tankers, while Tehran targeted an American base in Jordan. The exchange marks a significant intensification of hostilities between the two countries, with global energy markets reacting to fears of supply disruption in the region.

Nigeria is set for a significant oil revenue windfall as escalating hostilities between the United States and Iran push crude prices above $100 per barrel, according to Vanguard. However, the country also faces renewed pressure on domestic fuel prices, inflation and operating costs. Latest market data showed the Organisation of Petroleum Exporting Countries Basket, which includes Nigeria's crude grades, trading above the $100 mark, highlighting both the fiscal opportunities and economic risks for Africa's largest oil producer.

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.

Despite a decline in global oil prices to levels seen before the US-Iran conflict, petrol prices in Nigeria remain high, leading to rising expectations among the public for a decrease in local fuel costs, according to Naija News.