Oil prices approached $100 a barrel, with traders and analysts warning of a renewed supply crunch, according to ThisDay Live. The surge is attributed to hostilities between the United States and Iran, which have exacerbated concerns over global oil supply. The report, filed by Emmanuel Addeh in Abuja, highlights growing anxiety in energy markets about potential disruptions, though the feed provides no further details on production figures, market reactions, or official responses from either country.

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.

World shares and U.S. futures declined on Tuesday as escalating conflict in the Middle East pushed oil prices higher, according to the Associated Press. The downturn followed a wave of Houthi attacks on oil facilities and utilities in Saudi Arabia's southern region. Trading floors in Seoul reflected the broader global slide, with South Korean indexes and major stocks such as SK Hynix and Samsung Electronics affected.

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.

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.