Global crude oil prices climbed above 100 dollars per barrel on Monday morning as the price of Premium Motor Spirit, PMS, crossed the 1,000 naira per litre mark in Nigeria.
Brent crude and West Texas Intermediate recorded sharp increases of 13 percent and 15 percent, reaching 103.3 dollars per barrel and 107.3 dollars per barrel respectively, according to data from oilprice.com.
The latest surge in crude oil prices comes amid the ongoing conflict in the Middle East involving Iran, the United States and Israel.
The crisis has intensified since February 28, 2026, when the United States and Israel reportedly carried out coordinated attacks on Iran. The strikes led to the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei, along with several others.
Following the attack, Iran launched retaliatory strikes across the Gulf region, resulting in the shutdown of several major refineries and crude oil related operations.
The rise in global crude oil prices has also affected Nigeria’s domestic fuel market, pushing petrol prices above 1,000 naira per litre. Before the escalation of the Middle East conflict, petrol was selling at around 870 naira per litre in the country.
Meanwhile, there are indications that relief could come as finance ministers from the Group of Seven, G7, are expected to deliberate on the possibility of releasing oil from strategic reserves in response to the recent price surge.
