Global crude oil prices rose above $100 per barrel on Monday as the price of Premium Motor Spirit (PMS), commonly known as petrol, surpass...
Global crude oil prices rose above $100 per barrel on Monday as the price of Premium Motor Spirit (PMS), commonly known as petrol, surpassed N1,000 per litre in Nigeria.
Data from oilprice.com showed that Brent Crude increased by about 13 percent to $103.3 per barrel, while West Texas Intermediate climbed by 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, which has disrupted oil supply across the region.
Reports indicate that tensions escalated on Feb. 28, 2026, following coordinated attacks by the United States and Israel on Iran that resulted in the death of Iran’s Supreme Leader, Ali Khamenei, along with several others.
Since then, Iran has reportedly launched retaliatory strikes across the Gulf region, forcing the shutdown of several major refineries and crude oil operations.
The development has also affected Nigeria’s domestic fuel market, with petrol prices rising above N1,000 per litre, up from about N870 per litre before the outbreak of hostilities in the Middle East.
Meanwhile, finance ministers of the Group of Seven are expected to meet to consider the possible release of oil from strategic reserves in an effort to stabilise global prices amid the ongoing rally.
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