Global crude oil prices jumped over the weekend amid heightened tensions in the Strait of Hormuz.
Brent and West Texas Intermediate, WTI, crude rose to $109.90 and $101.40 per barrel, respectively.
This means that Brent and WTI crude prices surged by 3.71 per cent and 3.51 per cent, respectively. 
The development comes as two oil tankers reportedly exploded after hitting a landmine in the Strait of Hormuz, triggering a resurgence in crude oil prices.
Iran’s Islamic Revolutionary Guard Corps, IRGC, had confirmed the explosions, warning that the Strait of Hormuz remained blocked.
Uncertainty surrounding the Strait of Hormuz has worsened global crude oil supply concerns, pushing domestic petroleum product prices to record highs.
Nigeria’s petroleum downstream sector has been negatively affected by the surge in global crude oil prices.
Currently, petrol prices range between N1,370 and N1,420 per litre in Abuja and its environs.
