..World Powers Move to Secure Supply Routes, Boost Output to Calm Oil Shock
By Emmanuel Olugua
There appears to be no relief in sight for Nigerians grappling with high fuel costs, as global oil prices surged again following renewed escalation in the Middle East conflict, raising fears of further pressure on pump prices.
The spike comes as Israel launched fresh strikes on Tehran, despite earlier caution from Donald Trump, who had urged restraint after attacks on Iranian gas infrastructure triggered sharp reactions across global energy markets.
The latest bombardments, targeting what Israel described as “infrastructure of the Iranian terror regime,” mark a continuation of a war that has spread across the region, disrupted energy supplies and unsettled markets since late February.
The conflict has increasingly zeroed in on critical oil and gas infrastructure. Iran’s retaliatory strikes on regional energy assets have sent shockwaves through the global supply chain, including a major attack on Qatar’s Ras Laffan Industrial City, a facility responsible for processing about a fifth of the world’s liquefied natural gas.
Saudi Arabia’s key Red Sea export terminal was also hit, even as the kingdom sought to reroute shipments following disruptions linked to the Strait of Hormuz, through which roughly 20 per cent of global oil supplies pass.
The ripple effects have been immediate, with energy prices jumping sharply on fears of prolonged supply disruptions. For Nigeria, the surge translates directly into sustained high petrol prices, compounding economic hardship for citizens.
Although prices eased slightly on Friday, the reprieve remains fragile, hinging largely on assurances from major global powers to stabilise supply.
In a coordinated response, Britain, Canada, France, Germany, Italy, the Netherlands, and Japan pledged readiness to ensure safe passage for oil shipments through the Strait of Hormuz, while also exploring measures to boost global oil output.
French President Emmanuel Macron emphasised diplomacy and de-escalation as the preferred path, while other European leaders signalled reluctance to be drawn directly into the conflict, despite mounting risks to global energy security.
At the same time, Washington outlined steps to increase oil production, as Trump faces domestic pressure over rising fuel prices ahead of key political contests. He also said Israeli Prime Minister Benjamin Netanyahu had agreed to avoid further strikes on energy infrastructure, though Israel insists it is acting independently.
The divergence highlights growing uncertainty over coordination among key actors, even as the stakes for global energy markets continue to rise.
U.S. Director of National Intelligence Tulsi Gabbard acknowledged differing priorities between Washington and Tel Aviv, underscoring the complexity of the conflict and its implications for global supply chains.
Iran, however, has warned that further attacks on its energy facilities would trigger sustained retaliation against U.S. and allied infrastructure, signalling a potentially prolonged disruption to oil flows.
The damage is already significant. QatarEnergy disclosed that the strike on its facilities has cut about one-sixth of its LNG export capacity, valued at roughly $20 billion annually, with repairs expected to take years.
Analysts warn that with no clear end to the conflict, the global oil market remains highly volatile, leaving countries like Nigeria exposed to persistent price shocks and prolonging the pain at the pump for ordinary citizens.