Oil prices flat below $100 after Iran re-closes Strait of Hormuz
Crude oil prices remain steady below $100 per barrel following Iran's decision to re-close the Strait of Hormuz hours after reopening. According to DAILY POST, West Texas Intermediate stood at $83.85 per barrel while Brent crude traded at $90.38 as of April 19, 2026—nearly unchanged from Saturday's rates.
The Iranian military blamed the United States for its decision to re-close the vital shipping route, with the US removing its blockage at the Strait of Hormuz as a condition. US President Donald Trump responded by describing Iran's move as blackmail. The Middle East crisis now enters its 50th day with ripple impacts affecting economies worldwide.
Nigerian consumers are feeling the direct impact at the pump, with petrol prices ranging from N1,290 to N1,350 per liter on Sunday morning—significantly higher than the approximately N900 per liter before the Iran-US-Israel conflict began. The price increase represents about 43-50% rise in fuel costs for Nigerian drivers over the past weeks.
As tensions continue, Nigerian drivers and businesses must adjust to these higher fuel costs, which may affect transportation expenses, goods prices, and household budgets across the country.