International crude oil prices have climbed above $107 per barrel, raising concerns that petrol prices in Nigeria could increase further.

Brent crude rose by more than five per cent on Thursday, moving above the $100 mark as the ongoing US-Iran conflict continued to disrupt oil shipments through the Strait of Hormuz.

The latest increase comes after crude prices had already risen sharply from below $69 per barrel before the Middle East conflict began on February 28.

In Nigeria, the surge in global oil prices has contributed to higher petrol prices, with pump prices rising from around N830 per litre before the crisis to about N1,310 or more in some parts of the country.

West Texas Intermediate also crossed the $100 per barrel threshold as traders reacted to growing concerns about a prolonged disruption to global crude supplies.

A major factor behind the latest price rally is the sharp reduction in oil shipments through the Strait of Hormuz, a key route for global energy supplies. Recent estimates indicate that daily oil flows through the waterway have fallen below two million barrels, compared with between six million and nine million barrels per day during earlier periods of improved tanker movement.

The reduction in shipping activity has added pressure to the international oil market, with reports indicating that very large crude carriers have recorded limited movement through the strait since early September.

The situation has also been worsened by attacks involving tankers and other commercial vessels in the Persian Gulf, increasing uncertainty over the availability of crude in the international market.

With no clear indication that the conflict will end soon, analysts expect supply concerns to remain a major factor in oil prices.

For Nigeria, a prolonged period of high crude prices could put further pressure on petrol pricing as domestic refiners and fuel importers review their costs in response to changes in the global oil market.