Crude oil prices have skyrocketed to a two-year high following fresh warnings of a production halt in the Middle East.
Global oil markets are witnessing a sharp spike. Crude oil prices have surged to a two-year high, settling above the $90 mark. This sudden jump is causing ripples across the world economy.
Checks conducted on Saturday morning revealed that Brent crude is now trading at approximately $93 per barrel. West Texas Intermediate is not far behind, standing at $91. This represents a significant 9 percent rise, a level not seen since late 2023.
The driving force behind this surge is a stark warning from Qatar’s Energy Minister, Saad al-Kaabi. He has expressed fears that all oil and gas exporters in the Middle East might halt production within days.
The minister warned that if the conflict escalates further, it could crash global economies and push oil prices to a staggering $150 per barrel.
The tension stems from a major escalation that occurred on February 28, 2026. The situation deteriorated following a coordinated attack by the United States and Israel on Iran, which led to the death of key Iranian leaders, including Ayatollah Ali Khamenei.
Since then, Iran has launched retaliatory attacks across the region, causing widespread devastation. The country has also claimed control of the strategic Strait of Hormuz.
This development has forced major facilities like Saudi Arabia’s Ras Tanura refinery and QatarEnergy to announce temporary shutdowns.
Back home in Nigeria, the impact is already being felt. The crisis was a key factor in the Dangote Refinery’s decision to increase its gantry petrol price.
This move has subsequently triggered a hike in fuel prices across the country, adding more pressure on consumers.
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