Global crude oil prices climbed above $100 per barrel on Monday morning, coinciding with a surge in petrol prices in Nigeria, where Premium Motor Spirit (PMS) now exceeds ₦1,000 per litre, GlamJam reports.
According to oilprice.com, Brent crude rose by 13 percent to $103.3 per barrel, while West Texas Intermediate (WTI) crude gained 15 percent, reaching $107.3 per barrel.
The latest rally in crude prices comes amid escalating tensions in the Middle East. Since February 28, 2026, when the United States and Israel launched a coordinated attack on Iran resulting in the death of Iranian Supreme Leader Ayatollah Ali Khamenei and several others, the region has remained in turmoil. Iran has responded with retaliatory strikes across the Gulf, causing shutdowns at major refineries and crude operations, further tightening global supply.
The surge in global crude prices has had a direct impact on domestic fuel costs in Nigeria, with petrol prices jumping from around ₦870 per litre before the Middle East conflict to over ₦1,000 per litre.
There is, however, a potential reprieve on the horizon. Finance ministers of the G7 nations are reportedly considering releasing oil from strategic reserves in response to the recent price rally, a move that could help stabilize global crude and domestic fuel prices.
Analysts warn that the ongoing geopolitical crisis and market volatility may continue to exert upward pressure on fuel costs, further straining consumers and businesses in Nigeria.