Oil prices rise 1.45% as Middle East conflict closes Strait of Hormuz

Oil prices surged 1.45% in Asian trade Thursday as the US-Iran conflict escalated, closing the Strait of Hormuz. West Texas Intermediate climbed to $75.74 per barrel, while Brent crude saw no trading. The closure threatens 20% of global seaborne oil supply, potentially raising fuel prices in Nigeria. Iran's Revolutionary Guards claim control of the vital waterway, while the US Navy prepares to escort tankers. Asian markets rebounded after regional attacks, with South Korea's Kospi rising 11%. Nigeria should monitor fuel prices and consider alternative transport options as global supply tightens.

SOURCE: https://www.channelstv.com/2026/03/05/oil-price-up-more-than-1-in-early-asian-trade/