Global crude oil prices climbed to a two-year high on Saturday, rising above $90 per barrel after warnings that escalating tensions in the Middle East could disrupt energy production across the region.
As of Saturday morning, Brent crude traded at about $93 per barrel while West Texas Intermediate (WTI) reached around $91 per barrel, according to market data reviewed by DAILY POST. Brent’s price represents a roughly nine percent increase, marking its highest level since autumn 2023.
The surge followed comments by Qatar’s energy minister, Saad al-Kaabi, who warned that the ongoing conflict could force oil and gas exporters in the Middle East to halt production within days.
Speaking to the Financial Times, al-Kaabi said the crisis could “bring down the economies of the world” and push crude oil prices as high as $150 per barrel if disruptions continue.
Tensions intensified after the United States and Israel launched coordinated strikes on Iran on February 28, 2026, triggering retaliatory attacks across the region. Iranian authorities also claimed control of the strategic Strait of Hormuz, a critical global oil transit route.
The conflict has already affected regional energy infrastructure, with facilities such as the Ras Tanura Refinery in Saudi Arabia and operations by QatarEnergy announcing temporary shutdowns.
In Nigeria, the ripple effects have begun to emerge. The Dangote Refinery recently raised its gantry petrol price, contributing to a nationwide increase in fuel prices amid concerns about supply disruptions and rising global crude costs.
