Oil Spikes to $110+ as War Rages, Nigerians Brace for Fuel Hike

According to AFP, oil prices surged Monday as the Middle East conflict entered its sixth week, with US President Donald Trump threatening to destroy Iran's civilian infrastructure and Iran warning of devastating retaliation. Brent crude rose 1.2% to $110.35 per barrel, while West Texas Intermediate held at $111.61.

For Nigeria, this almost certainly means higher petrol and diesel prices at pumps within weeks. The government may raise fuel prices to match global costs, increasing transport and food expenses for households. Nigeria's oil revenue will rise, but importing refined fuel becomes costlier—a mixed economic impact.

Iran has blocked the Strait of Hormuz, through which 20% of global oil flows, tightening supply. The war began when the US and Israel attacked Iran on February 28; with no de-escalation in sight, analysts expect oil to remain elevated.

Asian markets reacted elsewhere: Tokyo gained 1.6% and Seoul 2.2%, though currencies weakened against the US dollar, reinforcing dollar strength. Gold prices fell.

Will you adjust your commute to save on fuel, negotiate remote work with your employer, budget for higher costs, or hold off on non-essential travel?

SOURCE: https://www.channelstv.com/2026/04/06/war-sends-oil-higher-shares-gain/