Global oil prices climbed sharply to $73 per barrel following fresh U.S. military strikes on Iran.
This has raised fears of disruption to crude supplies and escalating tensions in the Middle East.
Nigeria’s Bonny Light crude jumped to $72.90 per barrel from $70.80, while Brent crude rose to $72.87 from $71.10, and Murban crude increased to $74.24 from $71.50 per barrel.
Analysts attribute the surge to concerns that shipping routes and production facilities in the Gulf region could be affected, tightening global oil supply.
In response to the evolving market, OPEC+ member countries — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman — reaffirmed their commitment to market stability.
They agreed to gradually return 1.65 million barrels per day (bpd) of previously cut production, starting with an increase of 206,000 bpd in April 2026. The timing and pace of the full return will depend on market conditions.
OPEC+ statement reads, “the countries will continue to monitor and assess market conditions closely and, in their continuous efforts to support market stability.
“They reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase-out of the voluntary production adjustments.”
Market watchers warn that the combination of heightened geopolitical risk and a gradual resumption of OPEC+ output could result in volatility in the coming weeks, as traders balance supply concerns with rising production.
The alliance also confirmed that monthly reviews will continue, with the next meeting scheduled for April 5, 2026, to ensure compliance and manage compensation for any excess production.