Oil prices jump after Iran shuts Hormuz again

The prices of crude oil have remained flat at below $100 per barrel after Iran announced the closure of the Strait of Hormuz hours after reopening.

It was showed that West Texas Intermediate and Brent crude stood at $83.85 per barrel and $90.38 as of the time of filing this report, nearly the same rate recorded on Saturday.

Recall that WTI and Brent crude prices fell by 11 and 9 percent, respectively, on Iran’s earlier announcement of the full opening of the Strait of Hormuz.

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Recall that the Iranian military had blamed the United States over its decision to re-close the Strait of Hormuz. The Iranian government had insisted that the US remove its blockage at the Strait of Hormuz.

Reacting, US President Donald Trump described Iran’s move to close the Strait of Hormuz again as blackmail.

It was reported that while the Middle East crisis enters its 50th day, ripple impacts have taken their toll on economies around the world, including Nigeria.

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Nigeria’s domestic petrol is between N1,290 and N1,350 per liter on Sunday morning, up from around N900 per liter before the Iran-US-Israel war.