• US president seeks 20% levy on Hormuz cargo Source: Dangote begins dollar pricing for petrol, sets PMS ex-depot price at $0.779/litre
Emmanuel Addeh in Abuja
Nigeria’s benchmark crude, Brent, climbed above $80 a barrel yesterday after US President, Donald Trump, announced the reinstatement of a naval blockade on Iran and proposed a 20 per cent charge on cargo transiting the Strait of Hormuz.
The move heightened fears of prolonged disruptions to global oil supplies amid renewed military clashes between Washington and Tehran and raising concerns over tighter global crude supplies, higher energy costs and renewed inflationary pressures.
Global oil prices surged by more than 9 per cent after the announcement, as Trump said the charges in the Strait of Hormuz would cover the cost of securing the vital shipping lane.
