Crude oil prices jumped by 4 percent Wednesday afternoon as the oil market feared a supply crunch from the ongoing blockage at the Strait of Hormuz due to the Iran-United States-Israel war escalation.
Checks on oilprice.com showed that Brent and West Texas Intermediate surged by 3.90 percent and 3.83 percent to $91.22 per barrel and $86.65 per barrel as of filing this report.
This comes after a crude rally downward on Monday and Tuesday after President of the United States, Donald Trump commented that Iran is “very complete, pretty much.”
Oil prices had rallied in the past weeks, with prices topping $90 per barrel before Monday and Tuesday’s decline.
Dangote Refinery on Tuesday had responded to the decline in crude prices by cutting its petrol gantry price by N100 per liter after successive price hikes.
Following Dangote’s gantry price drop, some filling stations had cut retail fuel prices slightly by N20 per liter, but others have not adjusted their pump prices.
