Crude oil prices climbed past the $100-per-barrel mark on Monday, triggering a fresh surge in fuel costs in Nigeria, where Premium Motor Spirit (PMS) now sells for over N1,000 per liter.
Data from oilprice.com showed that Brent crude rose by 13 percent to $103.3 per barrel, while West Texas Intermediate gained 15 percent, reaching $107.3 per barrel.
Analysts attribute the spike to escalating tensions in the Middle East, where Iran remains under attack from coordinated United States and Israeli forces.
The conflict intensified on February 28, 2026, when a joint operation led to the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei, and other key figures, igniting retaliatory strikes across the Gulf region.
These attacks have forced major refineries to suspend operations, contributing to global supply disruptions.
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In Nigeria, the ripple effect is evident at the pumps, with petrol prices leaping from around N870 per liter before the conflict to over N1,000 per litre. Market observers, however, say relief could come if G7 finance ministers agree to release crude reserves to stabilize the market.
