Brent crude initially leaped to $126 a barrel before settling at $116.
The Strait of Hormuz reopened after Israel and Lebanon agreed to a 10-day ceasefire.
Stock markets in East Asia rose for a second straight day on Wednesday as oil prices fell and hopes grew for an agreement in the Iran war.
Ms Badenoch said, “I grew up in a country rich with oil, but because Nigeria’s leaders made bad policy choices, it never lived up to its full potential.”
U.S. President Donald Trump said he would release strategic oil reserves to stabilise rapidly rising prices.
Clemence Dubois, 350.org’s global campaign manager, said the current crisis highlighted a structural weakness in the global energy system.
He said the situation presents significant geopolitical and economic risks to global energy markets.
Dangote cited India’s Tata Group as a model for diversified industrial expansion.
Mr Orji said the global shift toward cleaner energy through gas optimisation and renewables requires transparency.
Oil exports remain South Sudan’s main revenue source, and the country depends on Sudan to transport crude to global markets.
