Oil Prices briefly exceed $120 per barrel as Dangote refinery increase fuel price to N1,175 a liter

For the third time in a week, Dangote Petroleum Refinery has increased the petrol price to N1,175 per litre amid hostilities between the U.S., Israel, and Iran.

The latest increment notice was sent to petroleum marketers and depot operators nationwide on Monday. The petrol price per litre jumped from ₦995 on Friday to ₦1,175, an increase of ₦180.

Meanwhile crude oil prices briefly surpassed $120 per barrel on Monday as tensions between the U.S. and Iran kept the global commodity market on edge.

Supply concerns intensified sharply after Iran blocked a critical shipping channel.

Iran has closed the Strait of Hormuz and has stated it will not reopen the channel until the conflict ends.

The Strait of Hormuz is vital, handling roughly 20% of the world’s daily oil shipments. With it shut down, alternative supply routes become longer, slower, and more expensive.

West Texas Intermediate crude surged nearly 30% on Sunday evening to reach $120 per barrel as the U.S.-Israel campaign against Iran entered its second week.

However, within hours, prices dropped sharply by 15%, returning to near $100. This volatility serves as a reminder that, in a market marked by thin trading and heightened fear, price fluctuations can occur rapidly in either direction.