The Guardian Nigeria News·3 min read·medium
Oil climbs to $80 as Trump reinstates Iran port blockade, imposes 20% charge on cargo
K
Kingsley Jeremiah
✦AI Summary
Global oil prices have surged past $80 per barrel following renewed geopolitical tensions in the Middle East. President Trump announced a blockade on Iranian cargo, heightening fears of supply disruptions through the Strait of Hormuz.
Global crude oil prices rose sharply yesterday after renewed hostilities in the Middle East heightened fears of prolonged supply disruptions through the Strait of Hormuz , a development that could boost Nigeria’s oil earnings while increasing the risk of higher domestic petrol prices.
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