Oil prices surge 7% as Trump warns Iran blockade could last months

Oil prices jumped more than 7% to a four-year high Thursday after Donald Trump warned the US blockade of Iranian ports could last months and that he would be briefed on potential fresh military strikes. The move sent global markets tumbling as investors worried about the Strait of Hormuz - through which a fifth of the world's oil and gas passes - remaining closed.

Brent crude surged 7.1% to $126.41 per barrel, while West Texas Intermediate climbed 3.4% to $110.31. Both later pared some of those gains. Analysts said traders are shifting from "no news is good news" to "no news is bad news" amid fears the crisis won't end soon.

Tokyo, Hong Kong, Sydney, Seoul, and other Asian markets fell sharply as the dollar rose as a safe haven. The situation comes as Trump reportedly told national security officials to prepare for a long blockade to compel Iran to give up its nuclear program, despite Tehran submitting a fresh proposal to reopen the crucial strait.

For Nigeria, this surge could mean increased oil revenue but potentially higher fuel costs as the country both produces and imports refined petroleum products. The strengthened dollar may also pressure the Naira exchange rate.

SOURCE: https://www.channelstv.com/2026/04/30/oil-surges-7-stocks-slip-on-trump-blockade-warning/