LAGOS, Nigeria — Global crude oil prices rose above $111 per barrel on Thursday, October 22, 2026, after Iran claimed that seven vessels had been hit in separate incidents around the Persian Gulf and the Strait of Hormuz, raising fresh concerns over disruptions to global energy supplies.
Checks showed that Brent crude rose 2.59% to $111.60 per barrel, while US West Texas Intermediate (WTI) traded at $98.98, up $2.25 from its previous level. Prices came close to levels reached on Tuesday, when Brent touched $111.90, its highest in five months, while WTI briefly climbed to $110.48 before both benchmarks retreated.
Iran’s Islamic Revolutionary Guard Corps (IRGC) Navy said seven vessels were struck in separate incidents near the Strait of Hormuz, a route that carries a large share of the world’s seaborne crude. According to the IRGC, four vessels allegedly involved in illegal oil transfers in the northern Persian Gulf were struck and caught fire on Wednesday after being monitored by Iranian forces. It said three more vessels hit naval mines west of the strait.
The IRGC also warned the United States military that continued provocations could trigger a broader military response against American bases across the Middle East.
The rally has come amid volatile trading this week. On Friday, October 16, Brent climbed to $110 for the first time since May, following attacks on energy infrastructure in the Middle East and Russia. On Tuesday, October 20, it retreated to about $108.72 as diplomatic contacts between Iran and Pakistan raised hopes of easing tensions, before rising again on Thursday.
Nigeria’s petrol relief under pressure
The renewed rise in crude prices threatens the Federal Government’s 30-day discount on petrol sold by NNPC Limited, introduced to cushion households and transport operators from higher fuel costs. Checks showed most filling stations in Lagos selling petrol at between ₦1,380 and ₦1,400 per litre.
Nigeria’s energy inflation more than doubled to 10.85% year on year in September 2026, from 4.69% in August, according to the National Bureau of Statistics (NBS). With crude back above $111, continued volatility could make it harder to stabilise domestic petrol prices.
