Global oil prices surged on Tuesday after a reported Iranian drone strike set a Kuwaiti oil tanker ablaze, heightening tensions around the strategic Strait of Hormuz and raising fears of supply disruptions.
Brent crude rose to $113 per barrel, while West Texas Intermediate climbed to $103 per barrel following the attack on the Kuwait-flagged tanker Al-Salmi, which was en route to Dubai carrying about two million barrels of crude valued at over $200 million.
According to Kuwait Petroleum Corporation, the vessel sustained hull damage and caught fire during the early-morning strike, although no injuries were reported.
The incident marks one of the latest attacks on commercial shipping since the escalation of hostilities involving Iran, the United States and Israel in late February.
Amid the rising tensions, US President Donald Trump warned that Washington could target Iran’s energy infrastructure if Tehran failed to reopen access through the Strait of Hormuz, a key global oil transit route.
Analysts say the latest disruption could push up fuel costs across several economies, including Nigeria, where domestic petrol prices remain sensitive to movements in global crude markets.
In recent weeks, Dangote Refinery adjusted its gantry petrol price multiple times before settling around N1,200 per litre, while pump prices in Abuja have ranged between N1,295 and N1,370 per litre.
Diesel and other fuel prices have also risen sharply, with increases exceeding 50 per cent in March, raising concerns about inflationary pressure on households and businesses.
