Brent Crude Surges Past $126 Amid Trump’s Iran Strike Consideration, Raising Global Supply Fears

Global oil markets rallied sharply on Thursday as Brent crude surged past $126 per barrel, driven by rising geopolitical tensions between the United States and Iran. The spike follows indications that Donald Trump is considering fresh military strikes, heightening fears of supply disruptions in an already fragile energy market.

Market data showed Brent crude climbing 8.28% to $126.31 per barrel—its highest level since June 2022—while West Texas Intermediate crude rose 3.37% to $110.48. The rally reflects growing uncertainty among investors as the conflict threatens key oil transit routes, particularly in the Middle East.

Tensions escalated after reports that Trump is scheduled to receive a military briefing from U.S. Central Command, signaling a possible return to offensive action despite an existing ceasefire. Negotiations between Washington and Tehran have stalled, and the U.S. has maintained pressure through a blockade of the Strait of Hormuz—a critical channel responsible for transporting about 20% of the world’s oil supply.

The situation has kept oil prices highly volatile since the conflict began in late February. While a temporary ceasefire earlier in April briefly eased markets, renewed threats—including a naval blockade and potential strikes—have pushed prices higher again. Trump has insisted the blockade will remain until Iran abandons its nuclear ambitions, further intensifying global market uncertainty.

For Nigeria, the impact has been immediate and severe. Rising crude prices have translated into higher petrol costs, with prices jumping by over 50% in recent months. This has triggered widespread inflation, especially in food markets where transportation costs play a major role. The surge in oil prices underscores how geopolitical developments far from home continue to shape everyday economic realities for Nigerians, from fuel expenses to the cost of basic food items.