Global crude oil price don rise pass $100 per barrel as tension and war continue to grow for the Middle East. The sudden increase for oil price don also begin affect fuel price for many countries, including Nigeria where petrol now don pass N1,000 per litre.
According to reports, Brent crude price rise reach about $103.3 per barrel, while West Texas Intermediate (WTI) climb go around $107.3 per barrel. The two major oil benchmarks increase by about 13 percent and 15 percent respectively within a short period of time.
Experts say the sharp rise for oil price connect strongly with the ongoing military conflict between United States, Israel and Iran.
The crisis for the region start escalate since February 28, 2026, when the United States and Israel reportedly carry out a coordinated military strike against Iran. During the attack, Iran’s Supreme Leader Ali Khamenei was reportedly killed together with several other top officials.
Since that incident, Iran don launch several retaliatory attacks across the Persian Gulf region, targeting strategic energy infrastructure and military installations. Because of the attacks and rising security risks, some major oil refineries and crude export operations for the region don temporarily shut down.
The Middle East remains one of the most important oil-producing regions in the world, so any conflict there usually affects global supply. As supply fears increase, international oil traders begin push prices up quickly.
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Impact On Nigeria Fuel Market
The global oil price surge don quickly reflect for Nigeria’s domestic fuel market. Petrol, also known as Premium Motor Spirit (PMS), don rise pass N1,000 per litre for many filling stations across the country.
Before the latest Middle East crisis start, petrol price for many parts of Nigeria dey sell around N870 per litre. But as crude price rise and supply concerns increase, marketers don adjust pump prices upward.
This development don raise fresh concerns among Nigerians, especially as transportation costs, food prices, and general cost of living fit increase further if fuel price continue to rise.
Nigeria depends heavily on petrol imports despite being one of the largest crude oil producers in Africa. Because of this, global oil price fluctuations usually have a direct impact on domestic fuel prices.
Possible Intervention By G7
However, there may still be a small relief if global leaders act quickly.
Finance ministers from the Group of Seven — which includes major world economies such as the United States, Canada, Japan, Germany, France, Italy, and the United Kingdom — are reportedly planning to discuss emergency measures.
One of the options on the table is the possible release of crude oil from strategic reserves. If these reserves are released into the global market, it could help increase supply and reduce pressure on international oil prices.
Analysts say such a move could help stabilize the market temporarily, especially if the Middle East conflict continues longer than expected.
Uncertainty Still Remains
Despite the discussions, the situation remains uncertain as both sides involved in the conflict have not shown strong signs of negotiating peace.
If the conflict expands further or disrupts more oil facilities in the region, global oil prices could rise even higher, which may further worsen fuel prices and economic pressures around the world.
For now, governments, oil traders, and consumers are closely watching developments in the Middle East as the situation continues to unfold.