Trump-Iran dispute raises oil prices to $87
Oil prices jumped about 5 percent to $87 per barrel after a dispute between President Donald Trump and Iran over reopening the Strait of Hormuz, and Bank of America warned prices could continue to climb into winter if no agreement is reached. Francisco Blanch said only a few ships can now pass the strait, down from about 140 previously. Brent's rise produces $22.15 per barrel of excess revenue versus Nigeria's 2026 budget oil assumption, even as Nigeria's domestic petrol market showed mixed depot prices ranging from N1,165 to N1,580 per litre.
Brent crude rose to $87 per barrel, up 5 percent.
Context
A dispute arose about reopening the Strait of Hormuz. Ship traffic through the strait has fallen from about 140 ships to only a few. If no agreement is reached, oil prices could keep rising into winter.
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