Tensions in the Middle East have escalated sharply as Saudi Arabia signalled it could take military action against Iran, while global oil prices surged amid fears of a prolonged supply disruption.

Saudi Arabia’s Foreign Minister recently warned that the kingdom “reserves the right” to respond militarily following missile and drone attacks allegedly linked to Iran targeting its territory and energy infrastructure.

The growing standoff comes as the United States, under former President Donald Trump, weighs further action against Iran’s strategic assets, including the possibility of targeting or seizing Kharg Island; Tehran’s most critical oil export hub. The island handles a significant portion of Iran’s crude exports and has already been the site of recent U.S. airstrikes on military facilities.

The crisis has been compounded by Iran’s moves to disrupt shipping through the Strait of Hormuz, a vital global energy route responsible for nearly a fifth of the world’s oil supply. Analysts warn that any prolonged blockade could severely impact global markets and trigger wider economic consequences.

Recent attacks on oil and gas facilities across the Gulf; including in Saudi Arabia, Qatar, and the UAE, have further heightened instability, with several production sites damaged or forced to halt operations.

As a result, global oil prices have surged past the $100 mark, with some reports indicating prices approaching or exceeding $109 per barrel amid supply fears. Experts caution that prices could climb even higher if the conflict intensifies or the Hormuz route remains restricted.

The situation remains fluid, with diplomatic efforts ongoing, but the combination of military threats, disrupted energy infrastructure, and strategic checkpoints has raised concerns about a broader regional conflict and its impact on the global economy.

Nigeria has recorded the steepest increase in petrol prices worldwide, as tensions in the Middle East trigger major disruptions in global oil supply, an analysis by Global Petrol Prices reveals.

According to a detailed breakdown reported by TheCable, Nigeria experienced a 39.5 percent hike in pump prices between February 23 and March 16. In comparison, South Africa and Mexico recorded the lowest increases of 1.0 percent and 0.5 percent, respectively.

Trailing Nigeria, Laos saw a 32.9 percent increase, while Australia and Vietnam each recorded a 31.8 percent rise. The United States reported a 23.6 percent increase, followed by Spain (18.7 percent), Canada (17.2 percent), Germany (14.9 percent), Egypt (14.3 percent), and France (12.3 percent).

China experienced a 10 percent increase, Ethiopia 7.9 percent, the United Kingdom 6.5 percent, and the UAE 6.4 percent. Liberia and Hong Kong saw smaller rises of 4.9 percent and 4.7 percent, respectively, while Croatia and Qatar recorded 2.7 percent each.

The ongoing war in the Middle East has triggered the largest supply disruption in the history of the global oil market, sending crude oil prices to a four-year high and driving petrol prices sharply upward in Nigeria.

Despite expectations that local refining and domestic petrol production might stabilize prices, the increases have persisted, with petrol now selling for as much as N1,330 per litre in some areas.

Dangote Refinery acknowledged on March 9 that it was not insulated from global trends, sourcing crude based on international benchmarks. Consequently, on March 13, the refinery increased its ex-gantry petrol price to N1,175 per litre.

As of today, petroleum prices across Nigeria range between N1,130 and N1,350 per litre, varying by location and marketer. NNPCL-affiliated outlets in Lagos sell petrol for around N1,130, while some Abuja locations report prices as high as N1,261 per litre.

Prices from major marketers in Abuja and surrounding areas range from N1,267 to N1,330, with independent marketers charging up to N1,350 per litre in certain regions.

Kuwait’s key oil facility, the Mina Al-Ahmadi refinery, has been struck by Iranian drones, triggering fires in parts of the plant and raising fresh concerns over the security of energy infrastructure in the Gulf region.

According to Kuwaiti authorities and multiple international reports, the attack hit operational units within the refinery, igniting fires that emergency teams quickly moved to contain. No immediate casualties were reported, though damage assessments are ongoing.

The strike is part of a broader escalation in the Middle East, with Iran targeting energy facilities across several Gulf countries, including Qatar and Saudi Arabia. Analysts say the attacks are in retaliation for recent Israeli strikes on Iran’s South Pars gas field, a critical component of the country’s energy sector.

Kuwait’s state oil authorities confirmed that safety protocols were activated promptly, and firefighters were able to bring the blaze under control. However, the repeated targeting of the refinery reportedly struck more than once within days has heightened fears of prolonged disruption to oil production and exports.

In response to the attacks, Kuwait has temporarily suspended operations at some of its refineries, including Mina Al-Ahmadi, to assess damage and ensure safety. The move is expected to impact the country’s refining capacity and could have ripple effects on global oil supply.

The wider conflict has already begun to affect global markets, with oil prices surging amid fears of supply disruptions. Brent crude has reportedly climbed above $119 per barrel following the wave of attacks on energy infrastructure across the Gulf.

Security analysts warn that continued strikes on critical oil facilities could further destabilize the region and intensify geopolitical tensions, particularly as global powers respond to the growing crisis.