Global crude oil prices surged past $100 per barrel on Monday morning, with Nigeria’s Premium Motor Spirit (PMS) price crossing the N1,000 per litre mark.
According to oilprice.com, Brent crude rose 13 percent to $103.3 per barrel, while West Texas Intermediate climbed 15 percent to $107.3 per barrel.
The spike in crude prices comes amid the escalating conflict in the Middle East, following coordinated airstrikes by the United States and Israel on Iran on February 28, 2026, which resulted in the death of Iranian Supreme Leader Ayatollah Ali Khamenei and several others. Since then, Iran has launched retaliatory attacks in the Gulf region, leading to the closure of key refineries and crude operations.
The conflict has also impacted domestic petrol prices in Nigeria, pushing PMS rates above N1,000 per litre, compared with around N870 per litre before the crisis.
Meanwhile, there are signs of potential relief as finance ministers of the G7 nations are reportedly set to discuss releasing oil from strategic reserves to stabilize prices after the recent surge.