Global oil prices spiked sharply as tensions around the Strait of Hormuz raised fears of supply disruption.
Brent crude rose to $118.2 per barrel, while WTI climbed to $102.5, creating a wide gap between the two benchmarks.
The surge followed remarks by Donald Trump, who urged countries facing jet fuel shortages due to the disruption to source supplies from the United States or secure them independently.
His comments came amid escalating conflict involving Iran, which analysts say is driving one of the sharpest upward revisions in global oil price forecasts.
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Brent crude, which reflects seaborne oil trade, reacted strongly due to its exposure to global shipping risks. The Strait of Hormuz typically handles about 20 per cent of global oil and LNG flows, making it a critical chokepoint.
The European Commission has warned Europe to prepare for prolonged disruption, especially in jet fuel and diesel supplies.
In contrast, WTI prices rose more slowly due to their inland U.S. base and lower exposure to maritime disruptions.
Analysts say the widening price gap reflects a market increasingly driven by global supply risks, while U.S. domestic supply remains relatively stable.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
