Global Oil Prices Surge To New High Amid Escalating Middle East Crisis

Global crude oil prices surged above $90 per barrel on Saturday, reaching a two-year high amid escalating tensions in the Middle East and fears of potential supply disruptions. According to Ireporter Online, Brent crude climbed to approximately $93 per barrel, while West Texas Intermediate traded near $91 per barrel, marking a nine percent rise for Brent—the highest level since autumn 2023.

Energy analysts suggest the spike reflects growing concerns that ongoing conflicts in the Gulf region could severely disrupt oil and gas production in one of the world’s most critical energy hubs. Saad al-Kaabi, Qatar’s energy minister, warned that the conflict could force major oil and gas exporters to halt production, with potentially far-reaching consequences for the global economy. He cautioned that, if tensions worsen, crude prices could soar to as high as $150 per barrel.

The price surge follows a dramatic escalation of hostilities in the region. On February 28, 2026, coordinated attacks reportedly carried out by the United States and Israel targeted Iran, resulting in the deaths of several Iranian leaders, including the Supreme Leader, Ali Khamenei. Iran responded with retaliatory strikes across the Middle East, intensifying the crisis and stoking fears of a broader regional conflict.

Amid these developments, Iran reportedly claimed control of the strategic Strait of Hormuz, a key global oil transit route, prompting temporary shutdowns at major energy facilities, including Saudi Arabia’s Ras Tanura refinery and operations linked to QatarEnergy. The regional unrest has also impacted domestic fuel markets, with petrol loading prices rising at the Dangote Refinery, triggering nationwide fuel price hikes and increasing the cost of living for many Nigerians.