Oil prices jump above $106/bbl after Trump rejects Iran truce, stoking inflation fears

Trump rejected Iran’s offer of a seven‑day truce to reopen the Strait of Hormuz, sending oil prices higher on Monday. Brent crude rose 1.8% to $106.19 a barrel, while West Texas Intermediate gained 1.0% to $93.34. Bond yields climbed, with the average on a world‑bond gauge topping 4% for the first time since 2007, and Asian equities showed mixed moves—Seoul and Tokyo fell, while Hong Kong and Sydney gained.

For Nigeria, an oil‑exporting nation, the jump in Brent prices could boost government earnings from crude sales but also raise domestic fuel costs if the government passes on higher import prices or reduces subsidies. Inflation worries, already stirred by higher energy costs, may pressure the naira and household budgets, especially as transport and goods prices often follow fuel price shifts.

Investors are watching for indirect US‑Iran talks that Axios said could resume as early as Monday, and for the upcoming US inflation data and jobs report that could shape Federal Reserve policy. Will you adjust your travel plans or budget for higher fuel costs, or expect the government to absorb the impact through subsidies or other measures?

SOURCE: https://www.channelstv.com/2026/09/28/oil-prices-spike-after-trump-rejects-iran-truce-offer/