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ARTICLE · 31 MARCH 2026

The Energy Law Series I

Babalakin & Co
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Crude oil has been central to global industrialization and economic growth since its discovery, but its pricing has always been vulnerable to geopolitical uncertainties such as wars and pandemics.

NigeriaEnergy and Natural Resources
Babalakin & Co.
Babalakin & Co.
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The Energy Law Series I

(Bridging the gap between the Law and the People)

The US/Israel-Iran War and its impact on the fluctuating prices of Petroleum Products in Nigeria; A view from the Lens of the Nigerian Law

Introduction

Crude oil has been central to global industrialization and economic growth since its discovery, but its pricing has always been vulnerable to geopolitical uncertainties such as wars and pandemics.1 Conflict across the Middle East is intensifying after the United States and Israel carried out extensive strikes on Iran on 28 February 2026.2

The US/Israel–Iran war has triggered a sharp increase in global oil prices, driven primarily by fears of massive supply disruptions in the Middle East, especially after the partial closure of the Strait of Hormuz by Iran.3 Nigeria has also had a fair share of the increase in petrol and petroleum products, due to the crisis in the Middle East. The Dangote Refinery

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