Global Crude Oil Prices Update After Iran Closes Strait of Hormuz Again
Global crude oil prices remained relatively stable below $100 per barrel after Iran closed the Strait of Hormuz again just hours after briefly reopening the vital shipping route.
Market data showed that West Texas Intermediate (WTI) traded at $83.85 per barrel, while Brent crude stood at $90.38 at the time of reporting, both largely unchanged from the previous trading session.
This stability comes after an earlier sharp reaction in the market, where WTI and Brent crude prices fell by 11 percent and 9 percent respectively, following Iran’s temporary reopening of the Strait of Hormuz.
The latest development, where Iran closes Strait of Hormuz again, has renewed concerns over global energy security, as the waterway is responsible for a significant portion of the world’s oil and liquefied natural gas shipments.
Iranian authorities reportedly blamed the United States for maintaining restrictions at the strategic passage and insisted that Washington lift its blockade on maritime movement through the strait.
In response, US President Donald Trump described Iran’s renewed closure of the waterway as “blackmail,” escalating already heightened diplomatic tensions between both nations.
As the Middle East crisis continues into its 50th day, the ripple effects are being felt across global markets, with energy-dependent economies facing rising pressure.
In Nigeria, domestic petrol prices have climbed sharply, trading between N1,290 and N1,350 per litre on Sunday morning, up from around N900 per litre before the escalation of the Iran–US–Israel tensions.
Analysts warn that continued instability in the Strait of Hormuz could further disrupt global supply chains and keep energy prices volatile in the coming weeks.
Read also:
- Iran’s military command shuts the Strait of Hormuz again
- Donald Trump directs US naval blockade of Strait of Hormuz
- Donald Trump says US forces will remain near Iran until a “real agreement” is secured
- Iran warns it will block the Red Sea if the US naval blockade continues.
