Global crude oil prices have surged to a two-year high, climbing above $90 per barrel amid escalating tensions in the Middle East and fears of possible production shutdowns across the region.
A check on global oil markets on Saturday showed that Brent crude rose to about $93 per barrel, while West Texas Intermediate (WTI) traded at approximately $91 per barrel. The surge represents a 9 per cent increase, marking the highest level recorded since the autumn of 2023, according to the BBC.
The sharp rise follows a warning from Qatar’s Energy Minister, Saad Al-Kaabi, who said the ongoing conflict in the Middle East could force oil and gas exporters in the region to halt production within days.
Speaking amid growing geopolitical tensions, Al-Kaabi cautioned that the crisis could have severe global economic consequences.
According to the Financial Times, he warned that the conflict could “bring down the economies of the world” and potentially push crude oil prices to as high as $150 per barrel.
The latest market reaction comes after tensions in the Gulf region escalated on February 28, 2026, following a coordinated military strike reportedly carried out by the United States and Israel against Iran.
The attack reportedly resulted in the death of several Iranian leaders, including Supreme Leader Ayatollah Ali Khamenei, further intensifying hostilities in the region.
Iran has since launched retaliatory attacks across parts of the Middle East, worsening instability and raising fears about disruptions to global oil supply.
Tehran also claimed control of the Strait of Hormuz, a strategic shipping route through which a significant portion of the world’s oil supply passes.
Amid the rising tensions, major energy facilities in the region have begun taking precautionary measures. Refineries, including Saudi Arabia’s Ras Tanura refinery and operations linked to QatarEnergy, have announced temporary shutdowns.
The developments have already begun to impact Nigeria’s downstream sector.
Earlier, the Dangote Refinery announced an increase in its gantry petrol price following the earlier spike in crude oil prices, a move that triggered a fresh round of fuel price hikes across the country.
Analysts warn that if the conflict persists and oil supply disruptions deepen, the global energy market could face even greater volatility in the coming weeks.
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