Global crude oil prices remained largely unchanged on Sunday, staying below the $100 per barrel mark, despite Iran’s renewed closure of the Strait of Hormuz just hours after reopening the critical waterway.
Market checks indicated that West Texas Intermediate (WTI) crude traded at $83.85 per barrel, while Brent crude stood at $90.38 per barrel as of the time of filing—figures nearly identical to Saturday’s levels.
Earlier Drop Still Holds
The current stability follows a sharp decline recorded earlier, when WTI and Brent crude dropped by 11 percent and 9 percent, respectively, after Iran initially announced a full reopening of the Strait of Hormuz.
Tensions Escalate Again
Iranian military authorities have blamed the United States for the renewed shutdown, insisting that Washington must remove what it described as blockages in the strategic waterway.
Responding to the development, US President Donald Trump condemned Iran’s action, describing the move as “blackmail.”
Global Impact Deepens
As the Middle East crisis enters its 50th day, the economic consequences continue to ripple across global markets, affecting both oil-dependent and importing nations.
Nigeria Feels the Pressure
In Nigeria, the impact has been significant, with domestic petrol prices rising sharply, although they’ve been flat for over a week now. As of Sunday morning, pump prices ranged between N1,290 and N1,350 per litre, compared to about N900 per litre before the escalation of the Iran-US-Israel conflict.
