Brent crude tops $100 amid Middle East crisis, hits $102.5 per barrel
Brent crude rose to $102.5 a barrel, up $1.38, while US WTI traded at $97.58, up $1.51, after Iranian forces attacked 10 ships near the Strait of Hormuz and the US sank five Iranian oil tankers. The six-month-old war has sharply cut Hormuz flows from 8–9 million barrels per day to below 2 million, threatening global supplies. For Nigeria, higher crude prices could boost government revenue but also raise local fuel costs if subsidies remain removed. Market analysts say traders are pricing in a longer conflict and risk of further strikes disrupting oil flows through the Gulf of Oman and Red Sea routes. Will you see lower pump prices despite the crude rally, or will fuel costs stay high due to subsidy policy and logistics?