Oil prices surge to $109/barrel as Strait of Hormuz tension worsens

Global crude lipid prices jumped implicit the play amid heightened tensions successful the Strait of Hormuz.

A marketplace survey by DAILY POST connected Sunday showed that Brent and West Texas Intermediate, WTI crude roseate to $109.90 and $101.40 per barrel, respectively.

This means that Brent and WTI crude prices surged by 3.71 per cent and 3.51 per cent, respectively.

The improvement comes arsenic 2 lipid tankers reportedly exploded aft hitting a landmine successful the Strait of Hormuz, triggering a resurgence successful crude lipid prices.

Iran’s Islamic Revolutionary Guard Corps, IRGC, had confirmed the explosions, informing that the Strait of Hormuz remained blocked.

DAILY POST reports that uncertainty surrounding the Strait of Hormuz has worsened planetary crude lipid proviso concerns, pushing home petroleum merchandise prices to grounds highs.

Nigeria’s petroleum downstream assemblage has been negatively affected by the surge successful planetary crude lipid prices.

Currently, petrol prices scope betwixt N1,370 and N1,420 per litre successful Abuja and its environs.

Oil prices surge to $109/barrel arsenic Strait of Hormuz hostility worsens