Oil tops $110 as Hormuz deadlock tightens; Nigeria, firms gain $4bn windfall
Oil prices rose above $110 per barrel on Tuesday as stalled talks to reopen the Strait of Hormuz fuelled supply concerns. Brent crude gained 2.8% to $111.26, while WTI climbed to $99.62, with Nigeria and oil companies reportedly benefiting from an estimated $4bn windfall.
Global markets also slipped as investors weighed inflation pressures, rising energy costs, and uncertainty over Iran–US negotiations.
