Crude oil prices have climbed above $112 per barrel as the conflict involving Iran, the United States, and Israel entered its 21st day on Saturday, coinciding with rising domestic petrol prices in Nigeria.
Brent crude recorded a 3.26 percent increase from the previous day, reaching $112.2 per barrel, while the West Texas Intermediate (WTI) blend rose 2.8 percent to $98.23 per barrel. The surge comes amid ongoing tensions in the Middle East, where diplomatic efforts have yet to produce a ceasefire agreement.
Former US President Donald Trump, in a post on Truth Social, hinted at “winding down” military actions in the region. Despite this, Iran launched missiles at the Chagos Islands, a remote British overseas territory more than 2,000 miles from Tehran, according to Iran’s semi-official Mehr News Agency.
The escalation follows the approval by Keir Starmer for US forces to use British bases in potential strikes against Iran, prompting a warning from Iranian Foreign Minister Seyed Abbas Araghchi that British lives could be at risk.
The ongoing geopolitical tensions have directly affected domestic fuel prices in Nigeria. On Friday, Dangote Refinery raised its gantry fuel price for the fourth time in March 2026 to $1,245 per liter. This increase led several petroleum marketers and filling station operators to adjust pump prices to between N1,331 and N1,430 per liter in Abuja.
The combined effect of rising global crude prices and domestic supply adjustments underscores the vulnerability of Nigeria’s fuel market to international geopolitical developments, signaling potential continued volatility in both local petrol costs and broader energy markets.
Nigeria’s consumers and businesses are likely to face higher energy expenditures in the short term as the conflict in the Middle East continues to influence global oil supply and pricing.
