Crude oil prices are back on the rise as tensions in the Middle East worsen, especially after a strong warning from U.S. President Donald Trump. His latest comments have stirred fears of war and possible oil supply disruption, causing panic in the global energy majrket.
Despite small drops in some benchmarks today, the overall price of oil remains high. As of this morning:
- WTI Crude sold at $74.62 per barrel (down 0.29%)
- Brent Crude stood at $76.15 per barrel (down 0.39%)
- Murban Crude went up slightly to $76.39 (up 0.21%)
- Natural Gas edged up to $3.854 (up 0.08%)
Trump’s Warning Sparks Market Panic
On Tuesday, Trump took to Truth Social (his social media platform), where he warned that the U.S. might strike if Iran continues to threaten civilians or American soldiers. He wrote:
“We know exactly where the so-called ‘Supreme Leader’ is hiding. He is an easy target… but we don’t want missiles shot at civilians or American soldiers. Our patience is wearing thin.”
This single message from Trump sent shockwaves through the oil market, pushing Brent Crude to $76.69 and WTI to $75.16 both jumping by about 4% in one day.
Fear of Blockage in Oil Shipping Routes
Much of the concern is focused on the Strait of Hormuz, a narrow waterway that handles more than 20 million barrels of oil per day. It’s one of the most important oil routes in the world, especially for the Middle East.
There have been reports of navigation problems and electronic interference in the area. Although a recent fire incident involving two tankers was due to a collision not war shipping companies are getting nervous.
Frontline, the biggest oil tanker company in the world, said some of its ships are now avoiding the Strait altogether because of the rising risk.
There are also fears that Iran may block the Strait, but many experts believe that even if that happens, it won’t last long due to the strong U.S. military presence in the region.
Other Factors Pushing Prices
Adding to the pressure, the American Petroleum Institute reported that U.S. crude oil stocks fell by over 10 million barrels last week a much bigger drop than expected. This kind of drawdown usually means tighter supply, which tends to push prices up.
Meanwhile, TotalEnergies says it expects its natural gas project in Mozambique to resume operations this summer. If successful, that could ease pressure on the global gas market, but for now, all eyes remain on the Middle East crisis.
What This Means for Nigeria
As global oil prices rise, Nigeria’s crude revenue may improve, but it’s not all good news. Since we still import most of our refined fuel, higher international prices often mean higher petrol and diesel prices locally, especially at a time when Dangote Refinery has yet to fully meet national demand.
In the coming days, traders and marketers in Nigeria will likely continue monitoring this crisis closely. Any serious escalation could affect local pump prices, fuel supply schedules, and product landing costs.
Stay with Petroleumprice.ng for verified updates on fuel prices, tanker movements, and global oil market trends.
