Global Crude Oil Prices Hit New High As Middle East Crisis Deepens

Global crude oil prices surged to a two-year high of above $90 per barrel on Saturday, amid escalating tensions in the Middle East and fears of supply disruptions across the region.

Findings on international oil markets showed that Brent crude rose to about $93 per barrel, while West Texas Intermediate traded at around $91 per barrel as of Saturday morning.

The surge represents a nine per cent increase in Brent crude, marking the highest level since autumn 2023, according to reports by the BBC.

Energy analysts attribute the spike to growing concerns that ongoing conflicts in the Gulf region could severely disrupt oil and gas production in the Middle East, a region responsible for a significant portion of global energy supply.

Naija News reports that the warning came from Saad al-Kaabi, Qatar’s energy minister, who cautioned that the conflict in the region could force major oil and gas exporters to halt production.

According to reports by the Financial Times, al-Kaabi warned that the situation could have far-reaching consequences for the global economy.

He said the crisis could “bring down the economies of the world” if energy exports from the Middle East are significantly disrupted.

The minister also warned that crude oil prices could soar dramatically if the conflict worsens.

Industry projections suggest oil prices could climb to as high as $150 per barrel if production across key oil-producing countries in the region is halted.

The sharp rise in oil prices follows a dramatic escalation in tensions in the Gulf region.

On February 28, 2026, the conflict intensified after coordinated attacks were reportedly carried out by the United States and Israel against Iran.

The strike reportedly led to the deaths of several Iranian leaders, including the country’s Supreme Leader, Ali Khamenei.

In response, Iran launched a series of retaliatory attacks across parts of the Middle East, further deepening the crisis and raising fears of a wider regional conflict.

The attacks have devastated several areas in the region and heightened global concerns about stability in one of the world’s most critical oil-producing zones.

Adding to the anxiety in global markets, Iran reportedly claimed control of the strategic Strait of Hormuz, a narrow waterway through which a significant portion of the world’s oil supply is transported.

Following the development, some energy facilities in the region announced temporary shutdowns.

Among them were the Ras Tanura refinery in Saudi Arabia, one of the largest oil refineries in the Middle East, as well as operations linked to QatarEnergy.

Earlier, the conflict contributed to an increase in petrol loading prices at the Dangote Refinery.

The adjustment triggered a nationwide increase in fuel prices across the country, further adding pressure to the cost of living for many Nigerians.