Global oil and gas prices climbed sharply on Monday as Iran continued missile and drone strikes across the Middle East in retaliation for ongoing attacks by the United States and Israel, raising fears of wider disruption to energy supplies. As reported by the BBC, natural gas prices spiked by nearly 50 per cent after state-owned QatarEnergy suspended liquefied natural gas production following alleged military attacks on its facilities. In neighbouring Saudi Arabia, Aramco temporarily shut down its major oil refinery at Ras Tanura after it was hit by a drone. A senior official at the refinery confirmed the development to The PUNCH, noting that the adjustment followed recent volatility in global crude oil prices. Five energy experts, in separate interviews with The PUNCH on Sunday, warned that Nigeria could witness further increases in petrol and diesel prices if crude oil prices climb above $90 per barrel.

Source: Punch March 02, 2026 19:17 UTC