Global crude oil prices surged above $100 per barrel as of Monday morning as Premium Motor Spirit, PMS, surpassed N1,000 per liter in Nigeria.
Brent and West Texas Intermediate crude blends surged by 13 percent and 15 percent to $103.3 per barrel and $107.3 per barrel, respectively, according to oilprice.com.
The latest crude price rally comes amid the ongoing war in the Middle East, with Iran faced by the United States and Israel.
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It was reported that both sides have refused to broker peace as the region has been in turmoil since February 28th, 2026, when the US and Israel coordinated an attack on Iran, which led to the death of Iranian Supreme Leader Ayatollah Ali Khamenei and several others.
Iran has since launched retaliatory attacks in the Gulf region, leading to the shutdown of major refineries and crude businesses.
It has been a reported that crude price surges have also impacted domestic petrol prices in Nigeria, which have risen above N1,000 per liter, down from around N870 per liter before the war in the Middle East.
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However, there is possibility of a slight respite as finance ministers of the G7 plan to discuss the possibility of releasing oil from storage in response to the price rally in the past days.
