Brent crude oil prices rose by 4.19 percent on Tuesday to $86.79 per barrel, the highest level since June 12.
US West Texas Intermediate (WTI) crude surged by 3.16 percent to $80.61 per barrel.
The surge came after the US reimposed a naval blockade on Iran, while renewed attacks between Washington and Tehran heightened concerns over energy flows through the Strait of Hormuz.
On July 12, Iran said it had closed the Strait of Hormuz after its forces fired a naval cruise missile at a vessel it accused of sailing through an unauthorised route.
One month earlier, global crude oil prices fell to $82 per barrel after the United States, Israel and Iran reached a deal to end the Middle East war on all fronts, including Lebanon, and reopen the vital Strait of Hormuz.
Following the development, the Federal Competition and Consumer Protection Commission (FCCPC) accused oil marketers of failing to pass on the benefits of falling global crude oil prices to consumers, saying recent reductions in pump prices were not commensurate with the sharp decline in crude oil prices.
A day later, Taiwo Oyedele, minister of finance and coordinating minister of the economy, said the federal government was engaging oil marketers and regulators to ensure that reductions in global crude oil prices were reflected more transparently in pump prices.
On July 10, the federal government convened oil and gas stakeholders to discuss fair pricing of petroleum products across the country.
