|By Adejumo Adekunle-
Global oil markets are bracing for a fresh surge in prices after the United States carried out precision airstrikes on three Iranian nuclear facilities—Natanz, Isfahan, and Fordo—on Saturday, escalating tensions in the already volatile Middle East.
Former President Donald Trump, reacting via Truth Social, described the mission as a “spectacular military success,” claiming that key nuclear enrichment facilities had been “completely and totally obliterated.”
Despite Trump’s bold assertions, Iranian officials have downplayed the extent of the damage. Seyed Abbas Araghchi, Iran’s Minister of Foreign Affairs, condemned the attack, calling it “outrageous” and affirming that Iran reserves all options to defend its sovereignty.
“This marks the United States’ formal entry into the conflict between Israel and Iran, and it changes everything,” one U.S. intelligence analyst remarked.
The strikes have sparked global market anxiety, particularly in the oil sector, with experts predicting a “knee-jerk price hike” as fears grow over disrupted oil supply routes in the Gulf region.
Crude Prices Already Climbing
As of press time, Brent Crude traded at $77.07 per barrel, while West Texas Intermediate (WTI) stood at $73.83. In the past month alone, Brent crude has surged by over 20%, peaking recently at $79.04.
According to JPMorgan, prices could skyrocket to $130 per barrel in a worst-case scenario if Iran retaliates and regional exports are compromised.
“Oil will open higher,” warned Mark Spindel, Chief Investment Officer at Potomac River Capital, citing uncertainties surrounding Iran’s response and the full extent of infrastructural damage.
US Lawmakers Divided
The airstrikes have polarized Washington, drawing both commendation and condemnation.
Republican Senator Mitch McConnell applauded Trump’s move as a “decisive action” that would rein in Iran’s regional aggression.
But Democratic Congresswoman Alexandria Ocasio-Cortez called the strikes a “grave violation” of constitutional war powers and labelled the move “grounds for impeachment.”
Implications for Nigeria
In Nigeria, the ripple effects of the US-Iran conflict are being felt in two ways: rising oil revenues on one hand, and growing domestic fuel costs on the other.
Industry analysts warn that if oil prices climb sharply in the coming days, Nigerians may face another round of petrol price hikes, deepening the economic hardship already experienced due to fuel subsidy removal.
