Oil prices surge to $109 a barrel as Strait of Hormuz tensions worsen

Oil prices jumped over the weekend, with Brent reaching $109.90 a barrel and WTI $101.40, up 3.71% and 3.51%, respectively. Two oil tankers reportedly exploded after hitting a landmine in the Strait of Hormuz. Iran’s Islamic Revolutionary Guard Corps confirmed the explosions and warned that the strait remained blocked. In Nigeria, supply concerns have contributed to petrol prices ranging from 1,370 to 1,420 naira per litre in Abuja and surrounding areas.