Global crude oil costs surged above $111 per barrel on Thursday, October 22, 2026, as Iran claimed that seven vessels had been hit in separate incidents across the Persian Gulf and Strait of Hormuz, elevating recent issues over disruptions to world power provides.
Checks by Nairametrics confirmed that Brent crude, the worldwide oil benchmark, rose by 2.59% to $111.60 per barrel, whereas US West Texas Intermediate (WTI) traded at $98.98 per barrel, a rise of $2.25 from its earlier stage.
The newest rally introduced crude costs near ranges recorded on Tuesday, when Brent reached $111.90 per barrel, its highest in 5 months, whereas WTI briefly climbed to $110.48 earlier than each benchmarks retreated.
Iran claims seven vessels hit
The renewed surge in oil costs comes amid claims by Iran’s Islamic Revolutionary Guard Corps (IRGC) Navy that seven vessels have been struck in separate incidents close to the Strait of Hormuz, one of many world’s most necessary routes for transporting crude oil.
According to Reuters, the IRGC mentioned on Thursday that 4 vessels allegedly concerned in unlawful oil transfers within the northern Persian Gulf have been concurrently struck and caught fireplace on Wednesday after being monitored by Iranian forces.
- The Iranian army additionally claimed that three extra vessels collided with naval mines west of the Strait of Hormuz, bringing the overall variety of affected vessels to seven.
- Following the incidents, the IRGC warned the United States army that continued provocations may set off a broader army response focusing on American bases throughout the Middle East.
- The reported incidents have renewed issues over the safety of oil shipments passing by means of the Strait of Hormuz, significantly as disruptions to main petroleum transportation routes proceed to have an effect on world power markets.
The claims come amid renewed issues that additional disruptions to grease shipments by means of the strategic waterway may tighten world petroleum provides and maintain upward strain on crude costs.
Brent rebounds in the direction of five-month excessive
Global crude oil costs have skilled important volatility in current days, as renewed attacks on power infrastructure and diplomatic efforts to ease tensions within the Middle East proceed to affect market sentiment.
On Friday, October 16, Brent crude climbed to $110 per barrel for the first time since May, following renewed attacks on power infrastructure within the Middle East and Russia that heightened issues over potential provide disruptions.
- The rally continued into Tuesday, October 20, when Brent briefly reached a five-month excessive of $111.90 per barrel earlier than retreating as diplomatic engagements between Iran and Pakistan raised hopes of easing tensions within the area.
- Nairametrics reported that Brent declined to $108.72 per barrel on Tuesday, while WTI fell to $102.96, reversing among the earlier positive factors.
However, Thursday’s renewed rally means that issues over the safety of power infrastructure and oil shipments stay a significant affect on world crude costs, regardless of ongoing diplomatic efforts.
Rising oil costs threaten petrol reduction
The renewed enhance in world crude oil costs may threaten efforts by the Federal Government to supply reduction to Nigerian motorists, as persistent volatility in worldwide power markets continues to place strain on home petrol costs.
- On October 8, the Federal Government introduced a 30-day discount arrangement on petrol sold by the Nigerian National Petroleum Company Limited (NNPC Limited), with precedence given to public transport operators nationwide.
- The intervention was designed to cushion the influence of rising gas prices on households and companies, significantly as increased petrol costs proceed to have an effect on transportation bills.
- Checks by Nairametrics confirmed that the majority filling stations in Lagos have been promoting petrol between N1,380 and N1,400 per litre, reflecting sustained strain on home gas prices.
Nairametrics additionally reported that Nigeria’s power inflation fee greater than doubled to 10.85% year-on-year in September 2026, in contrast with 4.69% in August, in keeping with figures from the National Bureau of Statistics.
With crude costs returning above $111 per barrel, continued volatility may complicate efforts to stabilise home petrol costs within the nation.
