Oil prices climb by over 6% after significant decline

Global crude oil prices recorded sharp gains on Wednesday, with both Brent and West Texas Intermediate, WTI benchmarks rising by more than 6 percent.

A market survey showed that Brent crude increased by 6.56 percent to $89.61 per barrel, while WTI crude jumped 6.45 percent to $84.37 per barrel at the time of filing this report.

The rally pushed Brent crude closer to the $90-per-barrel mark, its highest level in recent weeks, reflecting stronger demand expectations and concerns over global supply. Earlier, crude oil prices had declined significantly before Wednesday’s rebound.

The surge comes after United States President Donald Trump recently threatened to hit Iran hard.

His remarks further heightened tensions in the Middle East, which has been engulfed in crisis since February 2026, impacting both global and domestic energy prices.

In Nigeria, the prices of refined petroleum products, especially petrol, have been rising since last week.

Dangote Refinery resumed the sale of refined petroleum products in naira, with its gantry petrol price increasing to N1,215 per litre. Petrol depot owners are selling the product at between N1,216 and N1,235 per litre. Consequently, pump prices have risen to between N1,300 and N1,335 per litre in Abuja and its environs.