By Idriss LAWAL
Prices of domestic petrol will predictably soar again as crude oil
prices jumped on Monday as Iran expanded strikes on Gulf states following attacks by the United States.
The sporadic attacks threaten energy shipments via the Strait of Hormuz, which Iran announced it shut down.
Six vessels transited the strait on Sunday, shiptracking data from Kpler showed, the lowest number in five weeks.
Brent crude futures climbed $2.34, or 3.08%, to $78.35 by 2311 GMT, while U.S. West Texas Intermediate crude rose $2.21, or 3.09%, to $73.62 a barrel.
Over the weekend, Tehran extended strikes on Qatar and the United Arab Emirates while the U.S. launched further strikes on Iran, the latest in a cycle of attacks and counter-attacks over shipping through the strait.
U.S. President Donald Trump said on Sunday that the Strait of Hormuz is open to commercial traffic, although Iran declared earlier that it closed the strait after a vessel traveled on an unapproved route and was struck.
Local oil price in Nigeria will most likely erupt, even as oil magnate Dangote Refinery and marketers are still locked in bitter price war.
