Global crude oil prices surged on Saturday following United States President Donald Trump’s threat to launch another military operation against Iran.
A market survey on Saturday morning showed that Brent crude rose by 3.82 per cent to $116 per barrel, while West Texas Intermediate (WTI) increased by 3.14 per cent to $103 per barrel.
DAILY POST reports that Trump, speaking at a rally in Florida on Friday, indicated that the United States could launch another military operation against Iran.
“We may do another little Epic Fury,” Trump said.
His remarks contrasted with his earlier suggestion that the conflict involving Iran could end soon, which had triggered a brief decline in global oil prices.
The renewed threat has heightened concerns about further disruptions to global crude oil supplies, contributing to the latest price surge.
The conflict, which escalated in February 2026, has also intensified economic pressures across several countries, with rising energy costs adding to the effects of the prolonged Russia-Ukraine war.
In Nigeria, soaring global oil prices have coincided with sharp increases in domestic petroleum product prices, worsening the cost-of-living crisis for millions of citizens.
Although higher crude oil prices could boost Nigeria’s oil revenue, consumers continue to face pressure from rising petrol and other energy costs.
The latest development highlights the impact of geopolitical tensions on the global oil market and the potential consequences for fuel prices and economic stability worldwide.