Oil jumps as Trump ends Iran ceasefire, orders new strikes amid mixed global market reaction

Trump declared the US-Iran ceasefire over Wednesday after ship attacks in the Strait of Hormuz - a chokepoint for a fifth of global oil - ordering fresh strikes and revoking Iran's oil sanctions waiver. Brent crude rose to $79.00/bbl (up 1.3%) extending Wednesday's surge when it briefly topped $80/bbl for first time in two weeks; WTI reached $74.52 (up 1.4%).

For Nigeria, Africa's top oil producer, higher prices mean potential budget relief but also higher fuel costs for households and businesses already under pressure. Asian markets gained (Seoul +2.2%, Tokyo +2.0%) on bargain hunting while Western stocks fell (NY Dow -1.1%, London FTSE -1.7%) amid tech sector worries and Middle East tensions.

While higher oil may help short-term finances, prolonged conflict risks global recession that would crush demand. Watch fuel prices closely this week and assess how transport cost increases might affect your budget or operations.

SOURCE: https://www.channelstv.com/2026/07/09/crude-surges-above-80-as-us-iran-flare-up-rocks-peace-hopes/