A key oil export terminal in Oman was evacuated after tankers anchored off the coast of Iraq were attacked and set on fire. Iraq subsequently suspended operations at its own oil terminals. Officials in Saudi Arabia, Dubai, and Kuwait all reported multiple strikes and drone sightings in their territories on Wednesday night and into Thursday morning.
French oil giant TotalEnergies — one of the world's ten largest oil producers — announced it was halting some of its operations in the Middle East region due to the escalating danger.
Meanwhile, dozens of countries agreed to release a combined 400 million barrels from their respective national petroleum reserves to try to ease the global supply shock — but analysts say the measure has so far had limited impact on prices.
Iran Threatens $200 Oil — What It Means For Nigeria
For Nigerians, the oil price surge carries two competing consequences. On one hand, Nigeria is an oil-producing nation, and higher global oil prices theoretically mean more revenue for the Nigerian government. The Federal Government's 2026 budget was benchmarked at $75 per barrel — meaning oil above $100 represents a significant windfall on paper.
However, the reality is more complicated. Nigeria still imports a significant portion of its refined petrol, despite the progress made by the Dangote Refinery. Any sustained rise in global crude prices eventually feeds through into the cost of refined petroleum products — meaning Nigerians could face higher transport costs if the Iran war drags on and crude stays above $100.
Additionally, global economic uncertainty triggered by $100 oil tends to weaken the currencies of developing nations — including the naira — as investors flee to safe-haven assets like the US dollar.
Trump Doubles Down On Iran Nuclear Mission
Despite the economic turbulence, President Trump made clear in his Truth Social post that stopping Iran's nuclear programme — not oil prices — remains his top priority. Trump has consistently said he will accept nothing less than the "unconditional surrender" of Iran.
Earlier in the week, Trump told Republican lawmakers that the conflict would be a "short-term excursion." He said America went to the Middle East "to get rid of some evil" and predicted the war would end quickly. However, Iran's newly appointed Supreme Leader Mojtaba Khamenei — who took power after his father Ali Khamenei was killed in the early days of the conflict — has vowed revenge and signalled that Iran is preparing to open new war fronts.
US intelligence officials have also raised fresh concerns about Iran's nuclear ambitions. Satellite imagery of the Taleghan 2 facility at the Parchin military complex in Iran showed the site had been struck. A defence institute assessment described the facility as one capable of testing nuclear weapon components. Iran has always denied pursuing nuclear weapons.
The war, launched on February 28, 2026, has now lasted twelve days, with more than 1,300 people killed across the region, including Iran's former Supreme Leader Ali Khamenei, and more than 150 schoolchildren who died when a missile struck a school in Iran. More than 10,000 people have been injured in total.
In Pidgin: Trump Tok Say America Dey Benefit As Oil Price Dey Rise
American President Donald Trump don post for im Truth Social page say e no dey fear as oil price dey increase because of im war against Iran. Trump write say since America na the biggest oil producer for the world, the rising oil price na good thing for America.
But ordinary Americans no happy at all. Petrol price don jump from $2.90 to nearly $3.60 for one gallon — and some people dey fear say oil fit reach $200 per barrel if Iran continue to block the Strait of Hormuz, wey be the main route wey about 20% of world oil supply dey pass every day.
For Nigeria, this war fit bring two things together — government revenue go increase small because crude oil price don jump well above Nigeria budget benchmark of $75 per barrel. But Nigerians go still feel the pain if petrol price start to go up again as global supply problem continue.
Trump insist say stopping Iran from getting nuclear weapon remain im number one priority — and say e no go allow Iran destroy the Middle East or the world.
Sources: NBC News, The Hill, Fox Business, Washington Times, Anadolu Agency, CBS News — March 12, 2026
