Crude oil prices have surged to above $112 per barrel as the 21-day old Iran-United States-Israel war escalated amid a surge in domestic petrol prices in Nigeria.
On Saturday, Brent crude rose by 3.26 percent on a day-to-day basis to $112.2 per barrel, and West Texas Intermediate crude blend increased by 2.80 percent to $98.23 per barrel as of filing the report.
The crude oil price upsurge comes as the US, Israel, and Iran have not been able to agree on a ceasefire deal.
Trump, in a post on his Truth Social, had hinted at ‘winding down’ its military actions in the Middle East.
But unperturbed about Trump’s disposition, Iran on Saturday fired missiles at the Chagos Islands, a remote British overseas territory located more than 2,000 miles from Tehran, Iran’s semiofficial Mehr news agency reports.
This comes after the United Kingdom Prime Minister, Keir Starmer gave the US approval to use its bases for strikes against Iran.
Earlier, Iranian Foreign Minister, Seyed Abbas Araghchi warned PM Starmer that his actions were putting British lives in danger.
Part of the direct effect of the Iran-US-Israel war is a hike in the domestic price of petrol. On Friday Dangote Refinery, which is Africa’s largest plant, increased its gantry fuel price for the fourth time in March 2026 to $1,245 per liter. The decision caused some petroleum marketers and filling station owners in Nigeria to hike their petrol pump price to between N1,331 and N1,430 per liter in Abuja.
