International crude oil prices surged beyond the $100-per-barrel threshold on Monday, a development that has pushed the retail price of Premium Motor Spirit (PMS) in Nigeria above N1,000 per litre.
Figures obtained from oilprice.com indicated that Brent crude increased by about 13 per cent to trade at $103.3 per barrel, while West Texas Intermediate rose by 15 per cent, reaching $107.3 per barrel.
Energy market analysts linked the sharp rise in prices to the deepening crisis in the Middle East, where tensions between Iran and a coalition involving the United States and Israel have escalated.
The conflict intensified on February 28, 2026, following a coordinated military strike that reportedly resulted in the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei, alongside several other officials. The incident has since triggered retaliatory attacks by Iran across parts of the Gulf region.
The ensuing hostilities have disrupted operations at several major refineries and crude oil facilities, tightening global supply and fueling the latest rally in oil prices.
The impact has also been felt in Nigeria, where the pump price of petrol has climbed from about N870 per litre prior to the Middle East crisis to above N1,000 per litre in many areas.
However, there are indications that the surge could ease if finance ministers from the Group of Seven economies move ahead with discussions on releasing oil from strategic reserves to calm the market.
