Global crude oil prices have risen above 100 dollars per barrel amid escalating tensions in the Middle East.
Data from oilprice.com showed that Brent Crude climbed by about 13 percent to 103.3 dollars per barrel, while West Texas Intermediate increased by roughly 15 percent to 107.3 dollars per barrel.
The sharp increase in crude prices is linked to the ongoing conflict involving Iran, United States and Israel, which has heightened uncertainty in the global oil market.
The crisis intensified after coordinated strikes by the United States and Israel on February 28, 2026, reportedly led to the death of Iran’s Supreme Leader, Ali Khamenei, along with several others.
Following the attacks, Iran launched retaliatory strikes across parts of the Gulf region, disrupting key oil facilities and forcing the shutdown of several refineries and crude production operations.
The surge in global oil prices has also affected the Nigerian downstream petroleum market, where petrol pump prices have now exceeded N1,000 per litre in many parts of the country.
Before the escalation of the Middle East conflict, petrol prices in Nigeria were selling at around N870 per litre.
However, there are indications that the situation may ease slightly as finance ministers of the Group of Seven are expected to discuss the possibility of releasing crude oil from strategic reserves to stabilise global prices.
