Global crude oil prices climbed above $100 per barrel on Monday, pushing petrol prices in Nigeria past N1,000 per litre.
Data from OilPrice.com shows that Brent crude rose by about 13 percent to $103.3 per barrel, while West Texas Intermediate increased by roughly 15 percent to $107.3 per barrel.
The sharp rise in crude prices is linked to escalating tensions in the Middle East involving Iran, the United States, and Israel.
The crisis intensified after coordinated military strikes by the United States and Israel on February 28, 2026, which reportedly killed Iran’s Supreme Leader, Ali Khamenei, along with several others.
Iran has since launched retaliatory attacks across the Gulf region, leading to the shutdown of key refineries and disruptions to crude oil operations.
The surge in global oil prices has also affected Nigeria’s domestic fuel market. Petrol, which previously sold for about N870 per litre before the conflict escalated, has now risen above N1,000 per litre in many areas.
Meanwhile, finance ministers from the Group of Seven are considering releasing oil from strategic reserves to stabilise the market and ease rising prices.
