Global Oil Prices Climb Past $112 Amid Middle East Tensions as Fuel Costs Spike in Nigeria
Story: written by Springnewsng March 23,2026
Crude oil prices have surged beyond $112 per barrel as escalating tensions involving Iran, the United States, and Israel entered a third week, triggering ripple effects across global energy markets and pushing up domestic fuel prices in Nigeria.
Brent crude recorded a 3.26 percent increase to $112.2 per barrel, while West Texas Intermediate (WTI) rose by 2.80 percent to $98.23 per barrel, reflecting heightened uncertainty and supply concerns linked to the ongoing conflict.
Efforts to secure a ceasefire have so far stalled, despite signals from former U.S. President Donald Trump suggesting a possible de-escalation of military actions. However, tensions intensified after Iran reportedly launched missiles targeting the Chagos Islands, a remote UK-controlled territory.
The development followed approval by Keir Starmer for U.S. use of British military facilities in operations linked to the conflict. Iran’s Foreign Minister, Seyed Abbas Araghchi, had earlier warned that such actions could endanger British citizens.
The geopolitical instability has had direct consequences for Nigeria’s downstream sector. Rising global crude prices have translated into higher domestic fuel costs, placing additional pressure on consumers and businesses.
Africa’s largest refinery, Dangote Refinery, recently adjusted its ex-depot petrol price upward for the fourth time in March 2026. The move has prompted fuel marketers and filling stations, particularly in Abuja, to increase pump prices to between ₦1,331 and ₦1,430 per litre.
The continued volatility in global oil markets is expected to sustain upward pressure on fuel prices locally, raising concerns over inflation and economic stability.
