Oil prices rise to $96.98 as marketers review petrol prices

Oil prices rose closer to $100 per barrel on Thursday, with Brent crude climbing to $96.98 per barrel as Iran continued striking US Gulf allies, while Kuwait intercepted incoming missiles and drones.

The international benchmark crude had earlier crossed the $97 per barrel mark, while US West Texas Intermediate (WTI) traded 21 cents higher at $91.22 per barrel.

According to CNBC, Kuwait’s armed forces said on Thursday that the country was facing “ongoing Iranian aggression” as its air defences engaged missiles and drones.

The development comes as petrol prices rise above N1,310 per litre at filling stations, with the Independent Petroleum Marketers Association of Nigeria (IPMAN) indicating that some retail stations may review pump prices as new petroleum products enter the market.

What they are saying

Oil prices have gained more than 7% this week as the US and Iran traded military strikes for the first time since July, raising concerns about potential disruptions to global oil supplies.

Washington is seeking to degrade Tehran’s ability to attack ships transiting the Strait of Hormuz.

• According to CNBC, US Energy Secretary Chris Wright said more than 17 million barrels of oil transited the Strait of Hormuz on Monday, a wartime record, under US military protection.
• About 20 million barrels per day of crude oil and petroleum products passed through the strait before the war started on February 28.
• President Donald Trump indicated on Wednesday that he did not expect the current round of hostilities to escalate into a return to war.
• “I don’t think it will be very much longer. I don’t know how much more they can take,” Trump said.

The continued military exchanges have heightened concerns over the security of the Strait of Hormuz, a critical route for global oil supplies.

More insight

Energy markets remain highly sensitive to disruptions in the strategic waterway, where a large share of global crude oil transits, with the latest escalation in the US-Iran crisis pushing oil prices from about $75 per barrel in July to above $96 per barrel in September 2026.

The US military carried out additional strikes on Iran on Tuesday, prompting Tehran to attack Jordan, Bahrain and Kuwait in defiance of a warning from Trump that Iran would be “hit much harder” if it retaliated.

The latest round of tit-for-tat strikes began after the US and Iran exchanged attacks overnight into Monday for the first time in more than a month, raising concerns that the conflict could intensify after weeks of relative military calm.

• Trump warned that Iran would face more severe military action if it retaliated against what he described as a “very justified attack.”
• Trump wrote on Truth Social, “They will be hit again at a much harder and higher level, but it will not be the biggest attack of them all, that is waiting in the wings and, when it is over, there will be very little left of the Islamic Republic of Iran!”

The escalation has continued to put pressure on oil prices as traders assess the potential impact on crude supplies and shipping through the Strait of Hormuz.

What you should know

Nairametrics reported a day ago that the renewal of military hostilities between the United States and Iran had pushed crude oil prices above $95 per barrel for the first time in five weeks, as concerns grew over potential disruptions to global oil supplies through the Strait of Hormuz.

• Brent crude was trading at $95.40 per barrel at the time of the report.
• US West Texas Intermediate (WTI) was trading at $90.66 per barrel.
• The last time Brent crude traded above $95 per barrel was in late July 2026.
• Brent crude reached $95.24 per barrel on July 22, 2026.

The latest increase in crude prices could continue to influence domestic petrol prices, particularly as Nigerian marketers assess their replacement costs and the prevailing conditions in the international oil market