Brent Crosses $100 As Trump Dampens Hope Of Cheaper Petrol Till November

Brent Crosses $100 as Trump Dampens Hope of Cheaper Petrol Till November Hope of cheaper petrol in Nigeria in the coming weeks has suffered a setback after Brent crude, the international oil benchmark, surged above $100 per barrel. The development came as United States President Donald Trump said energy prices, which have been elevated by the ongoing war with Iran, are unlikely to fall until after the November midterm elections. Trump made the remarks on Wednesday before departing for Texas for the Republican Party’s midterm convention, saying oil prices would begin to decline “right after the election. At about 8:35 p.m. West Africa Time on Wednesday, Brent crude was trading at $101.20 per barrel, representing a gain of $3.31. West Texas Intermediate WTI, the US benchmark, also rose by $3.31 to $96.29 per barrel, an increase of about 3.50 per cent.Brent’s return above the $100 mark marked its first time at that level since July. The latest surge was driven by renewed attacks involving oil infrastructure and vessels in the Middle East, raising concerns about crude supply and the security of major international energy routes. Both Brent and WTI have gained more than 60 per cent since the beginning of 2026, while prices have risen by about 10 per cent this month alone. The rise in global crude prices could further complicate expectations of lower petrol prices in Nigeria, where pump prices remain exposed to movements in crude oil and refined-product costs. The renewed pressure is already affecting the downstream petroleum market. Petrol landing cost has risen to N1,314.67 per litre, while diesel currently stands at N1,850.66 per litre. Meanwhile, the Dangote Refinery is selling petrol at N1,265 per litre at the gantry, although the refinery could review its price if the sustained rise in crude prices continues to push up petroleum-product replacement costs. Higher freight and shipping costs are also adding to the pressure faced by petroleum suppliers. The situation is particularly significant around the Strait of Hormuz, a critical route for global oil shipments. Renewed military activity in the region has heightened fears that restrictions on the movement of crude oil and petroleum products could further disrupt international energy markets. Trump said the war against Iran, which has entered its seventh month, would end “immediately after the election”, but gave no indication of an earlier resolution that could ease pressure on global oil prices. With international crude prices climbing above $100 per barrel, expectations of cheaper petrol in Nigeria could be delayed. If the rise in crude prices persists alongside elevated freight and refined-product replacement costs, suppliers may face higher costs, potentially limiting room for reductions in domestic petrol prices. For Nigerian motorists and households, the development means that hopes of significant relief at the pump in the near term remain uncertain.