Oil Prices Hit $112 as Iran-US-Israel War Escalates, Nigeria Petrol Prices Surge Above N1,400
Crude oil prices have climbed past $112 per barrel as the escalating tensions in the Iran–United States–Israel conflict entered day 21 on Saturday, with ripple effects already visible in Nigeria’s domestic petrol market.
PulseNets learnt that Brent crude advanced by 3.26 percent day-on-day to settle at $112.2 per barrel, while West Texas Intermediate crude also recorded a 2.80 percent increase, reaching $98.23 per barrel at the time of this report.
The sharp rise in global crude benchmarks comes amid the failure of the United States, Israel, and Iran to reach a ceasefire agreement, prolonging uncertainty across energy markets.
Donald Trump had earlier suggested a possible de-escalation, stating in a post on Truth Social that efforts were underway toward “winding down” military operations in the Middle East.
However, developments on Saturday indicated otherwise, as Iran launched missiles targeting the Chagos Islands, a distant British overseas territory located over 2,000 miles from Tehran, according to reports obtained by PulseNets from Iran’s semi-official Mehr news agency.
The latest strike followed approval granted by Keir Starmer for the United States to utilise British military bases in operations against Iran.
Prior to this escalation, Iranian Foreign Minister Seyed Abbas Araghchi had cautioned Starmer, warning that such decisions were placing British citizens at significant risk.
The direct economic consequences of the prolonged conflict are already unfolding in Nigeria’s downstream sector. PulseNets reported that petrol prices have surged domestically, driven by rising global crude costs.
Also Read: Kamala Harris Slams Trump’s Iran Strikes as ‘Regime-Change War,’ Warns of Risks to U.S. Troops
On Friday, the Dangote Refinery, Africa’s largest refining facility, raised its gantry fuel price for the fourth time in March 2026, now pegged at N1,245 per litre. This adjustment, as gathered by PulseNets, prompted petroleum marketers and filling station operators across Abuja to increase pump prices to a range between N1,331 and N1,430 per litre.
