Brent crude oil prices surged to over $107 per barrel for the first time since May, as traders braced for a more prolonged supply shock caused by the Iran war. Oil prices have climbed back above $100 per barrel this week as fighting in the Strait of Hormuz and Red Sea intensified, with the US and Iran trading strikes and Iran-backed Houthis attacking Saudi Arabia and raising tensions in the Bab al-Mandab Strait. In Nigeria, fuel prices have continued to rise, with diesel reaching about N2,000 per litre in some locations and petrol climbing beyond N1,400 per litre in parts of the country. The increases are adding pressure on businesses and households, particularly manufacturers, transport operators, and other users that depend heavily on petroleum products for power and mobility.
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