Brent crude surged 8.28% to $126.31 per barrel and WTI crude also rose 3.37% to $110.48 as oil markets reacted to renewed U.S.-Iran tensions

The rally followed reports that President Donald Trump will receive a military briefing on possible fresh strikes against Iran

Trump signalled that the U.S. blockade of the Strait of Hormuz would remain until Iran drops its nuclear ambitions

Brent crude climbed above $126 per barrel on Thursday, April 30, hitting its highest level since June 2022, as renewed tensions between the United States and Iran unsettled global oil markets and revived fears of supply disruptions.

Data tracked by Nairametrics showed Brent crude rose 8.28 per cent to $126.31 per barrel, while West Texas Intermediate (WTI) gained 3.37 per cent to $110.48 at the time of reporting.

The sharp rise reflects mounting market anxiety over a possible escalation in the U.S.-Iran conflict and the risk of tighter global crude supply.

The latest jump followed reports that the United States President Donald Trump is expected to receive a military briefing on Thursday, April 30, from CENTCOM Commander Adm. Brad Cooper, according to Axios sources.

The meeting has raised speculation that Washington may be preparing to resume military action against Iran after ceasefire negotiations between both sides stalled.

Although the conflict is currently under an extended ceasefire arrangement, diplomatic talks have made little progress.

According to Axios, the planned briefing may signal a possible return to military strikes aimed at pressuring Tehran to accept core U.S. demands.

Trump also suggested on Wednesday, April 29, that the blockade of the Strait of Hormuz would remain in force until Iran abandons its nuclear ambitions. The waterway is one of the world’s most critical oil transit routes, accounting for roughly 20 per cent of global crude flows.

“The blockade is somewhat more effective than the bombing. And it is going to be worse for them. They can’t have a nuclear weapon,” Trump said.

He added that Iran is pushing for the blockade to be lifted.

“They want to settle. They don’t want me to keep the blockade. I don’t want to [lift the blockade], because I don’t want them to have a nuclear weapon,” he said.

Oil traders have remained highly sensitive to every shift in the U.S.-Iran conflict since fighting began on February 28, when a joint U.S.-Israel military operation reportedly killed Iran’s Supreme Leader.

Since then, global crude prices have reacted sharply to every military and diplomatic development.

On April 2, oil rose more than 5 per cent after Trump signalled that U.S. military operations could continue for another two to three weeks, deepening concerns about prolonged supply disruption.

Prices briefly cooled on April 8 after both countries agreed to a two-week ceasefire, but the reprieve was short-lived.

By April 13, crude prices had climbed more than 7 per cent again after Trump ordered a naval blockade targeting vessels entering and leaving the Strait of Hormuz.

The sustained volatility in global oil prices has triggered ripple effects across economies, with Nigeria among the hardest hit.

Since the crisis began, petrol prices in Nigeria have surged by at least 50.19 per cent, rising from N799 per litre to around N1,200 per litre at the gantry and N1,153 per litre at the coast, worsening inflationary pressure across the country.

The impact has been especially severe on food prices, as higher transport and logistics costs continue to push market prices upward.

The latest surge in crude prices underscores how geopolitical tensions in the Middle East continue to shape global commodity markets, with immediate consequences for inflation, consumer spending and economic stability in import-dependent countries like Nigeria.

Oil prices crash 14% as US-Iran ceasefire eases global supply fears

Meanwhile, TheRadar earlier reported that global oil prices took a sharp downturn with Nigeria’s Bonny Light crude falling by 14.2 per cent to $94.41 per barrel, down from $110 recorded on Tuesday, April 7.

The drop came in the wake of a two-week ceasefire announcement by Donald Trump, which has helped ease geopolitical tensions in the Middle East.

Similarly, Brent crude prices declined to about $94 per barrel from $100, as traders and marketers expressed renewed optimism about stability in the global oil market.