International crude oil values saw a major increase this Wednesday, as both Brent and West Texas Intermediate (WTI) benchmarks surged by over 6 percent. Market analysis indicates Brent reached $89.61 a barrel, up 6.56 percent, while WTI advanced 6.45 percent to trade at $84.37 per barrel.
This rebound brings Brent back toward the $90 threshold, marking a peak for recent weeks amid growing worries over supply and optimistic demand projections. The spike follows a period of notable losses for the commodity.
Market volatility stems largely from geopolitical friction, specifically warnings from U.S. President Donald Trump regarding potential action against Iran. These comments have intensified instability in the Middle East, a region suffering from ongoing conflict since February 2026, which continues to influence energy markets worldwide.
Domestic impacts are visible in Nigeria, where refined product costs have climbed since last week. Following the Dangote Refinery’s decision to price products in naira, their gantry rate for petrol rose to N1,215 per litre. With depot owners charging between N1,216 and N1,235, retail pump prices in Abuja and surrounding areas have reached a range of N1,300 to N1,335 per litre.
