Oil prices rise as Middle East tensions persist despite ceasefire extension

Oil prices surged Wednesday with Brent crude approaching $100/barrel and West Texas Intermediate trading above $90, driven by ongoing Middle East tensions despite Trump's extension of the Iran ceasefire. Iranian gunboats attacked container ships in the Strait of Hormuz, while US officials maintain the blockade of Iranian ports continues despite peace talks. The conflict has sent global energy prices soaring, with Britain reporting inflation jumped to 3.3% in March due to higher oil and gas costs. As Nigeria's economy remains heavily dependent on oil exports, rising global prices could boost government revenue but also increase fuel import costs for consumers. Market analysts warn that the "suspense in the interim may see risk appetite being curtailed" as both US and Iran play "a game of who blinks first." How will your business and household budget adjust if fuel prices continue climbing in coming months?

SOURCE: https://www.channelstv.com/2026/04/22/oil-prices-rise-despite-us-iran-ceasefire-extension/