Oil prices steady below $100 amid renewed Strait Of Hormuz tensions

Global crude oil prices remained stable on Sunday, trading below the $100 per barrel mark despite renewed tensions in the Middle East following Iran’s latest announcement regarding the Strait of Hormuz.

Market data showed Brent crude at $90.38 per barrel, while West Texas Intermediate (WTI) stood at $83.85, both largely unchanged compared to the previous trading session.

The stability comes after a volatile week in which oil benchmarks dropped by 11 per cent and 9 per cent respectively, following Iran’s earlier decision to fully reopen the strategic waterway before reversing course hours later.

Iranian authorities said the United States was responsible for the renewed disruption, insisting that Washington must remove what it described as “blockages” at the vital shipping route. The Strait of Hormuz is a key passage for global crude exports, making it highly sensitive to geopolitical tensions.

Reacting to the latest development, U.S. President Donald Trump described Iran’s move as “blackmail”, escalating already strained relations between both countries.

DAILY POST reports that the Middle East crisis, now in its 50th day, continues to affect global energy markets, with ripple effects reaching economies such as Nigeria.

In Nigeria, petrol prices have climbed significantly, selling between ₦1,290 and ₦1,350 per litre as of Sunday morning, compared to about ₦900 per litre before the escalation of the Iran–US–Israel tensions.

Analysts say repeated disruptions around the Strait continue to inject uncertainty into global oil supply chains, even as prices temporarily stabilise below the $100 threshold.