Global crude oil prices surged once again, approaching the $100-per-barrel mark during Asian trading on March 12, 2026, with Brent crude reaching $98.49. The commodity briefly crossed $113 earlier this month before retreating, reflecting growing investor anxiety over Middle East supply disruptions.
The market has been on edge since early March when Brent briefly surpassed $100 per barrel following heightened tensions over potential US–Iran conflict. Prices stabilized around $90 per barrel after former President Donald Trump suggested that the US–Iran situation might de-escalate, offering temporary relief to oil markets.
However, fresh warnings from Iran have reignited fears. On March 11, Iran’s military indicated that oil prices could spike to $200 per barrel following attacks on three vessels near the strategic Strait of Hormuz, a critical chokepoint for nearly 20% of global oil shipments. The move triggered renewed market volatility as traders reacted to the potential for prolonged supply disruptions.
Year-to-date, Brent crude has surged over 55%, with a more than 30% month-to-date increase as of mid-March. The rise began from around $60.75 per barrel in January, climbing steadily amid fears of a strike on Iran’s nuclear facilities and escalating geopolitical tensions, including the US-led Operation Epic Fury targeting Iran.
The surge in crude prices is already affecting consumers worldwide. In Nigeria, where the country still imports much of its refined petroleum products, pump prices have increased, though domestic refineries like Dangote Refinery have mitigated extreme spikes. Market watchers warn that unless supply disruptions ease, global oil prices could continue their upward trajectory, potentially reshaping energy markets in 2026.
source: nairametrics