Oil prices jump over 5% after Trump ends Iran ceasefire following Gulf strikes

Oil prices jumped more than five percent on Wednesday after US President Donald Trump declared the ceasefire with Iran over following fresh military strikes in the Gulf. International benchmark Brent crude rose 5.3 percent to $78.09 a barrel, while the US West Texas Intermediate contract climbed 5.4 percent to $74.23 a barrel. The price spike comes after the US launched extensive strikes on Iran in response to attacks on ships in the Strait of Hormuz, prompting reprisals against American bases in the region.

For Nigeria, Africa’s largest oil producer, higher crude prices mean increased export earnings, which could ease pressure on the national budget and foreign reserves. However, because the country imports most of its refined petroleum products, local fuel prices may also rise, potentially worsening inflation and transport costs. Consumers should watch for announcements from the Petroleum Products Pricing Regulatory Agency (PPPRA) or the Nigerian National Petroleum Company (NNPC) about any adjustments to the petrol pump price. Businesses that rely on diesel for generators or logistics should consider budgeting for higher energy costs in the short term.

SOURCE: https://www.channelstv.com/2026/07/08/oil-jumps-5-after-trump-says-iran-ceasefire-over/