Crude oil prices shot up yesterday, reaching $108.3 per barrel after Iran called the United States’ proposed 15-point peace plan “one-sided” and unfair in the ongoing Middle East conflict.
The 5.98% surge in oil prices reflects growing market fears that the war between Israel and Iran could drag on longer than expected.
Iranian officials described the US plan as heavily skewed in favor of the United States and Israel, saying it fails to address key concerns on their side.
This latest spike comes at a difficult time for Nigeria and many other oil-importing nations. Higher global crude prices usually translate into more expensive petrol, diesel, and cooking gas at home.
Many Nigerians are already struggling with fuel prices hovering above N1,000 per liter, and further increases could worsen the cost-of-living crisis.
Analysts say the rejection of the peace proposal by Iran has reduced hopes for a quick resolution.
As long as tensions remain high, supply concerns in the region, especially around the Strait of Hormuz, will keep pushing oil prices upward.
For Nigeria, the situation is mixed. While higher oil prices mean more revenue for the government, the country still imports most of its refined petroleum products.
This creates a painful situation where the nation earns more from crude but pays heavily for refined fuel, putting extra pressure on the naira and inflation.
The development has once again highlighted how events in the Middle East can directly affect the pockets of ordinary Nigerians.
As the conflict continues, many are watching to see whether global powers can broker a fair and lasting cease-fire or if oil prices will keep climbing.