Fuel price: Brent, WTI global crude prices jump to $95, $90 per barrel as US-Iran conflict escalates

Crude oil prices have surged dramatically in the past 24 hours following fresh US airstrikes against Iran. Brent and West Texas Intermediate (WTI) crude blends climbed to $95.49 and $90.71 per barrel, respectively, according to a recent price survey. This represents a 0.54% and 0.84% increase on a day-to-day basis for Brent and WTI, respectively.

The US Central Command (CENTCOM) confirmed striking Iranian "air defence sites, radar systems, maritime assets and facilities, mine-laying capabilities, and communications sites." The US action was taken in response to the Islamic Revolutionary Guard Corps (IRGC) attacking commercial shipping in the Strait of Hormuz and US service members in the region.

Earlier, the US also targeted Iranian tankers as part of a new "tanker-for-tanker" policy in the Strait of Hormuz, putting added pressure on global oil prices. Earlier this week, diesel prices in the United States jumped almost 7% to $4.71 per gallon.

President Donald Trump convened a White House meeting with energy sector stakeholders on Tuesday to address the inflationary impact of the escalating conflict in the Gulf region. In Nigeria, domestic fuel prices increased by between N46 and N100 per litre to between N1,310 and N1,345 per litre, as reported by the Nigerian National Petroleum Company Limited (NNPCL) and Ranoil at various filling stations in Abuja. The recent price hike follows Dangote Refinery raising its gantry price by N65 per litre.