Global oil prices surged sharply as attacks on vessels in the Strait of Hormuz slowed shipping in the Middle East region.
An oil price survey showed that Brent and West Texas Intermediate, WTI, crude blends jumped to $92 and $85.90 per barrel, respectively, at the time of reporting on Wednesday.
This means that, on a day-to-day basis, Brent and WTI rose by at least one per cent, extending their four-day rally.
Reuters, citing shipping-tracking data from Kpler, reported that just six commodity vessels transited the Strait of Hormuz on Tuesday amid heightened tensions in the Gulf region.
Reports also emerged that some ships had turned back in the Strait of Hormuz amid controversy surrounding its blockade.
United States President Donald Trump has declared the Strait of Hormuz open, but Iran says it is still closed, impacting global and domestic oil prices negatively.
Dangote Refinery’s recent reduction of its gantry premium motor spirit, PMS price to N1,165 per litre has pushed retail pump prices downward over the last two weeks, to between N1,210 and N1,275 per litre in Abuja and its environs.
Global oil price rises sharply after vessel attack at Strait of Hormuz