The Geopolitics of Greed: How America-Israel military ambition toppled global, Nigerian markets with crude oil soaring above $100 USD, by Abubakar M. Kareto
Crude oil prices have surged toward the $110 mark as of March 9, 2026, driven by a massive supply shock following escalating conflict in the Middle East and the effective closure of the Strait of Hormuz. While benchmark prices are currently trading just above $100, some contracts have already breached $104 in volatile trading.
Analysts from Goldman Sachs and Morgan Stanley caution that a prolonged $100 oil price could lead to a global economic crisis. Specifically, it may slow global growth by 0.4 percentage points and increase headline inflation by 0.7 percentage points, potentially leading central banks to postpone interest rate cuts or pursue more aggressive monetary policies.
With a serious negative impact on the global economy, Nigeria cannot be immune or isolated. For Nigeria, crude oil prices exceeding $100 per barrel create a “double-edged sword” effect under its currently deregulated market. While the government sees a massive revenue windfall, the average citizen faces immediate and severe increases in the cost of living.
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As of March 8, 2026, petrol prices have surged to ₦1,040 in Lagos and ₦1,080 in Abuja. Experts caution that if crude oil prices remain above $110, retail prices could reach ₦1,400–₦1,500 per litre. Dangote Refinery suspended the loading of petrol, suggesting a potential further price hike.
Already battling with the high cost of living in Nigeria, the immediate consequence is higher fuel prices, rising transport costs, and ultimately an increase in the price of basic goods and services. For fragile economies like Nigeria already struggling with inflation and weak currencies, such global shocks translate directly into a higher cost of living for ordinary citizens.
Sadly, these damages to the global and Nigerian economies, inflicting so much pain on people across the world and Nigeria, were caused by the high-handedness and hooliganism of Donald Trump and Benjamin Netanyahu. It made me remember a quote I read sometime back by Thomas Sowell “It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong.”, Thomas Sowell is an American economist who said this in one of his articles identifying the “moral hazard” where a leader’s stupidity destroys the world while they remain shielded from the consequences.
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Unfortunately, today we live in a typical animal kingdom where the stronger animals bulldoze the weaker ones.
Abubakar M. Kareto is a Public Affairs Analyst.
