Global crude oil prices climbed above $100 per barrel on Monday morning, while the pump price of Premium Motor Spirit (PMS) also rose beyond N1,000 per liter in Nigeria, Nigerian Newssphere reports.
According to oilprice.com, Brent crude increased by about 13 percent to $103.3 per barrel, while West Texas Intermediate, WTI, surged by roughly 15 percent to $107.3 per barrel.
The sharp rise in crude prices is linked to the ongoing conflict in the Middle East involving Iran, the United States, and Israel.
Nigerian Newssphere reports that tensions escalated after a coordinated attack by the United States and Israel on Iran on February 28, 2026, which reportedly resulted in the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei, alongside several others.
Since then, Iran has carried out retaliatory strikes across the region, disrupting operations at major refineries and affecting crude oil trade within the Gulf.
The global price surge has also affected Nigeria’s domestic fuel market. Petrol prices have climbed to above N1,000 per liter in many areas, compared to around N870 per liter before the escalation of the Middle East conflict.
Meanwhile, there may be some relief as finance ministers from the G7 are considering the possibility of releasing oil from strategic reserves to stabilize the market and curb the recent price spike.
