Middle East Tensions Boost Brent and WTI Prices Near $90
By|17. 07. 2026|BusinessLast Updated On 17. 07. 2026Global crude oil prices surged on Friday, lifting both benchmark grades by more than four percent and bringing Brent nearer the $90-a-barrel threshold. Brent. . .
By|17. 07. 2026|BusinessLast Updated On 17. 07. 2026Global crude oil prices surged on Friday, lifting both benchmark grades by more than four percent and bringing Brent nearer the $90-a-barrel threshold. Brent climbed 4. 19% to $87. 76 per barrel, while West Texas Intermediate (WTI) rose 4. 12% to $82. 20 per barrel, according to market data. The sharp rebound came as Middle East tensions intensified, with shipping disruptions slowing passage through the Strait of Hormuz. Crude rebounds on geopolitical riskThe renewed jump in oil reflects heightened concerns tied to the Middle East, where disruptions to maritime traffic through the Strait of Hormuz have tightened supply expectations. As a result, Brent moved closer to the psychological $90 level, and WTI pushed above $82 per barrel. Analysts note that oil’s rise can quickly feed into domestic energy costs. Higher international crude prices typically raise the price of refined petroleum products, which can translate into more expensive fuel for consumers and businesses. Nigeria fuel prices tick up amid higher global oilIn Nigeria, the latest increase in crude prices appears to be already showing up at the retail and distribution levels. Depot owners and petroleum product marketers reportedly raised prices on Thursday by a range of N40 to N120 per litre. Depot owners increased their prices to between N1,175 and N1,220 per litre, up from roughly N1,090 per litre the previous week. Petroleum marketers in Abuja and surrounding areas adjusted petrol prices to around N1,220 per litre, compared with levels as low as N1,170 per litre. Retail outlets hold steady; refinery sales resumeDespite the broader pricing adjustments, not all outlets moved at the same pace. The Nigerian National Petroleum Company Limited’s retail fuel price in Abuja was reported to have stayed unchanged at N1,155 per litre as of the time the report was filed. The backdrop to these shifts is also linked to refining activity. Dangote Refinery resumed sales of refined petroleum products in dollars just three days earlier, a development that may influence how quickly market prices respond to changes in global crude benchmarks. Written byStaff WriterZibuyile began her media journey as a sales intern at Mediamark (Kagiso Media) before moving into digital content creation for ZAlebs. com. Over four years, she helped evolve the platform from a simple blog into one of South Africa's leading independent entertainment news sites. Following ZAlebs' transition to Celebrity Worx in 2016, Zibuyile was promoted to Executive Editor, recognized for her sharp audience insight and ability to match editorial with branded content. Highlights of her time include a Bookmark Award nomination, judging TLC's Next Great Presenter, reporting from the MTV EMAs, and building partnerships with radio stations like YFM, Cliff Central, and Good Hope FM. Her editorial work also expanded to include fast-growing digital verticals—such as lifestyle tech, online entertainment, and gambling-related content—tailored to evolving reader interests and brand opportunities. Published on 17. 07. 2026