Crude oil prices surge above $100 per barrel as fuel tops N1,000 in Nigeria
Global crude oil prices surged above $100 per barrel as of Monday morning, with Brent crude reaching $103.3 and West Texas Intermediate hitting $107.3. This surge is driven by the ongoing Middle East conflict following the US and Israel's attack on Iran on February 28, 2026, which killed Iranian Supreme Leader Ayatollah Ali Khamenei and others. Iran retaliated with attacks in the Gulf region, shutting down major refineries and crude businesses. Nigeria's fuel prices have risen above N1,000 per liter, up from around N870 before the conflict. G7 finance ministers plan to discuss releasing oil from storage to address the price rally.