Oil
Oil surges above $111 as Iran claims attacks on seven vessels
CEII brief
Nairametrics reported on 22 Oct 2026: Oil surges above $111 as Iran claims attacks on seven vessels.
Read the full story on NairametricsGlobal crude oil prices surged above $111 per barrel on Thursday, October 22, 2026, as Iran claimed that seven vessels had been hit in separate incidents around the Persian Gulf and Strait of Hormuz, raising fresh concerns over disruptions to global energy supplies.
Context from CEII
Crude benchmarks move budgets, currencies and inflation in producer and importer countries alike. For economies such as Nigeria, where fuels dominate exports, production and refining decisions move the whole economy.
85.9% of Nigeria’s merchandise exports were fuels in 2025Countries in this story
Original reporting © Nairametrics. Headline and excerpt quoted with attribution; the full article is available on the publisher’s site. CEII’s context is the Centre’s own and does not represent the publisher.
