Oil Hits $84 As Iran Conflict Shuts Gulf Energy Hubs, Nigeria Pump Prices Rise to N980

Global oil benchmarks surged on Tuesday as U.S.–Israeli airstrikes on Iran crippled major Gulf energy infrastructure and disrupted tanker traffic through the Strait of Hormuz.

Brent crude climbed 7.8 per cent to $83.81 per barrel, while West Texas Intermediate rose 8.4 per cent to $77.23 — their highest levels since mid-2024. The Brent–WTI premium widened to $8 per barrel, the largest since November 2022.

Qatar shut the world’s largest LNG export facility, Saudi Arabia suspended operations at its biggest refinery, and Iraq slashed output at the Rumaila oil field, with up to 3 million barrels per day at risk if the crisis persists. Loadings of Kirkuk crude to Turkey’s Ceyhan port stopped, Iraqi Kurdistan production ceased, Israel idled some gas fields, and the UAE’s Fujairah port battled a major fire.

Insurers withdrew coverage for vessels transiting the Strait of Hormuz after Iranian media warned of firing on ships, sending shipping rates higher. Saudi Aramco began rerouting crude via the Red Sea.

In Nigeria, filling stations raised petrol prices to as high as N980 per litre after Dangote Refinery increased its gantry price to N874 per litre from N774.

MRS Oil and NNPC stations in Abuja moved prices from N875 to N975 per litre. Empire Energy increased from N880 to N980, while AYM Shafa and AA Rano added N80 to sell at N960. In Lagos, Marina NNPC sold at N932 (from N837) and Maryland’s Northwest at N940. In Ogun State’s Magboro, AP sold at N930 while GOA Energy at N920 shut its gates.

The IMF warned of trade disruptions, energy price spikes and financial market volatility, while ECOWAS cautioned that Gulf instability could worsen inflation, currency pressures and transport costs across West Africa.