Iran introduced a higher gasoline price for its heaviest consumers early Tuesday, state media reported, marking the second such increase since December as the country's economy struggles following months of war. The government's announcement, which did not directly mention the conflict with the United States, cited the "current situation" and said revenue from the increase would support public finances. According to AP, fuel price rises are politically sensitive in Iran, where a 2019 hike triggered nationwide protests and a crackdown that reportedly killed more than 300 people.

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.

According to Nairametrics, the average retail price of Premium Motor Spirit, or petrol, increased by 55.31% year-on-year, reaching N1,596.25 per litre in May 2026.

Oil prices approached $100 a barrel after Iran said a deal with Oman regarding the Strait of Hormuz was close, according to Moneyweb. Brent crude for November settlement rose 0.5% to $97.49 a barrel as of 11:27 a.m. Singapore time. The strait is a key chokepoint for global oil shipments, and developments involving Iran and Oman are being closely watched by energy markets for their potential impact on supply routes and prices.

Global oil prices have stabilized around $75 as markets shift from concerns about potential supply shortages to worries about oversupply. Analysts caution that geopolitical risks may continue to keep oil prices elevated, particularly in light of ongoing developments related to a peace deal with Iran.

Dangote Refinery has announced a reduction in the price of Premium Motor Spirit (PMS) by N200 per litre within a month, indicating that the refinery has absorbed the recent surge in global oil prices. This marks another instance of price cuts from the refinery, suggesting a trend towards further moderation in fuel prices, according to Premium Times Business.