How the US–Israel–Iran Conflict Is Fueling Nigeria’s Rising Oil Prices

Tensions between the US, Israel, and Iran are driving oil prices up around the world. In Nigeria, pump prices have shot past ₦1,000 per litre and could climb to ₦1,500 if the conflict drags on. Iran and Israel have long been at odds, so clashes were almost inevitable. What puzzles many is Iran’s willingness to target Arab neighbours like the UAE and Saudi Arabia. These proxy skirmishes could escalate or subside at any time. For now, Nigerians feel the pinch at the filling station. If not for the Dangote Refinery coming on stream, prices might already be above ₦2,000 per litre. The bigger question is how long this geopolitical spiral will last and what it means for our economy.

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