Israel-Iran conflict triggers global oil price surge

Global oil prices have gone up following a military strike by Israel on Iran’s nuclear facility, escalating tensions in the Middle East and raising fresh concerns over petrol affordability in Nigeria.

Prices for Brent crude, NYMEX Light Sweet, and West Texas Intermediate (WTI) futures rose by between 9 and 10 percent, reaching $75.15, $73.20, and $74 per barrel, respectively.

This represents the highest figures recorded since February 2025, as traders reacted to fears that the worsening conflict between the two regional powers could disrupt oil supplies from the resource-rich region.

Although the surge means global oil prices have now exceeded Nigeria’s 2025 budget benchmark of $75 per barrel, the implications for local fuel prices remain troubling.

Industry experts warn that a rise in crude oil prices often translates to an increase in the cost of Premium Motor Spirit (PMS) domestically.

Currently, PMS is being sold between N870 and N910 per litre in key cities such as Lagos and Abuja.

With the spike in global crude prices, Nigerians may soon face even higher pump prices, especially as the Dangote Refinery  Africa’s largest  relies heavily on imported crude oil from the United States to meet its refining capacity.

The Israeli military confirmed the airstrike on Iran’s nuclear site, which took place early Friday morning.

The incident has added to global uncertainty in energy markets and placed additional pressure on oil-importing nations like Nigeria.

Traders and economic analysts say continued instability in the Middle East could keep oil prices volatile in the coming weeks, potentially pushing PMS prices beyond the reach of many Nigerians already burdened by high living costs.