Global Crude Prices jump to $95 per barrel as US–Iran conflict escalates

Global crude oil prices experienced a sharp increase over the last 24 hours following new military strikes launched by the United States against Iranian targets in the Middle East.

Market data shows Brent crude rising to $95.49 per barrel, up 0.54 percent, while West Texas Intermediate (WTI) climbed to $90.71 per barrel, representing a 0.84 percent daily increase.

The price surge follows an official statement from United States Central Command (CENTCOM) confirming a wave of targeted strikes against Iranian military infrastructure. According to CENTCOM, the targets included air defense sites, radar installations, maritime facilities, mine-laying assets, and communications hubs.

The military action was executed in retaliation for attacks by the Islamic Revolutionary Guard Corps (IRGC) on commercial shipping in the strategic Strait of Hormuz and on U.S. military personnel stationed in the region. The escalation also follows the implementation of a U.S. "tanker-for-tanker" interdiction strategy in the Gulf, which has heightened maritime supply concerns.

The conflict has rippled through energy markets globally. In the United States, diesel prices surged by nearly 7 percent to $4.71 per gallon. The rapid increase prompted U.S. President Donald Trump to hold emergency discussions at the White House with major energy sector executives to address rising inflationary pressures.

In Nigeria, the surge in international benchmark prices immediately impacted the domestic downstream sector. Pump prices for Premium Motor Spirit (PMS) across Abuja and surrounding areas rose by ₦46 to ₦100 per liter, bringing retail rates to between ₦1,310 and ₦1,345 per liter across major retail outlets—including NNPCL, MRS, and Rainoil. The adjustement follows a ₦65 per liter increase in the ex-gantry price at the Dangote Petroleum Refinery.