Global crude oil prices surged above $91 per barrel on Friday amid escalating tensions in the Middle East involving the United States, Israel and Iran, raising concerns over supply disruptions and further pressure on global energy markets.
Benchmark Brent crude rose by 6.92 per cent to $91.32 per barrel, marking its first time above the $90 threshold since April 2024. Meanwhile, West Texas Intermediate (WTI), the United States crude benchmark, climbed about 9 per cent to $88.63 per barrel.
The rally in oil prices follows weeks of volatility linked to growing geopolitical tensions in the region. Earlier in the month, Brent crude had already climbed to about $85 per barrel on March 3, up from $72 recorded on February 28, amid concerns over supply disruptions.
Energy analysts say the situation could worsen if hostilities continue to affect major shipping routes. Saad Al‑Kaabi, energy minister of Qatar, warned that crude prices could surge to as high as $150 per barrel within “two to three weeks” if oil tankers remain unable to move freely through the strategically important Strait of Hormuz.
The waterway is a critical global energy corridor through which a significant portion of the world’s crude oil exports passes.
Al-Kaabi cautioned that continued disruption could force energy producers across the Gulf to declare force majeure — a legal clause that allows companies to suspend contractual obligations due to extraordinary circumstances.
“Everybody that has not called for force majeure we expect will do so in the next few days if this continues,” he said. “All exporters in the Gulf region will have to call force majeure.”
He added that companies that fail to take such measures risk potential legal liabilities if they are unable to meet supply commitments.
The ripple effects of the global supply concerns are already being felt in Nigeria, where petrol prices have climbed sharply in recent days.
On March 5, the Nigerian National Petroleum Company Limited (NNPC) adjusted pump prices at its retail outlets to N933 per litre in Lagos and N960 per litre in Abuja.
The increase followed a price adjustment by the Dangote Petroleum Refinery, which raised its ex-gantry petrol price to N874 per litre from N774 per litre, further reflecting the impact of global market pressures on domestic fuel costs.
Industry observers warn that continued instability in the Middle East could keep global oil prices elevated, with possible implications for fuel prices, inflation, and economic stability in oil-importing countries.