Global oil prices climbed to $73 per barrel from about $70 after fresh military strikes by the United States on Iran heightened tensions in the Middle East, fueling concerns over possible disruptions to crude supply.
The price rally reflects rising geopolitical risks in a region responsible for a substantial share of global oil production and exports.
Nigeria’s Bonny Light crude rose to $72.90 per barrel from $70.80. Similarly, Brent crude increased to $72.87 per barrel from $71.10, while Murban crude climbed to $74.24 per barrel from $71.50.
Market analysts attributed the spike largely to fears that escalating tensions could disrupt shipping routes and production facilities in the Gulf, tightening global supply.
Meanwhile, OPEC+ reaffirmed its commitment to market stability even as it approved a gradual return of 1.65 million barrels per day (bpd) in voluntary production cuts.
In a statement issued after a virtual meeting on March 1, 2026, eight member countries, Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, reviewed global market conditions and the economic outlook.
The countries, which had earlier announced additional voluntary production adjustments in April and November 2023, said that in light of a steady global economic outlook and relatively low oil inventories, they would begin unwinding the 1.65 million bpd cuts introduced in April 2023.
The group agreed to increase output by 206,000 bpd starting in April 2026. It noted that the full 1.65 million bpd could be restored gradually, either in part or in full, depending on evolving market conditions.
“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,” the statement said.
The alliance added that the measure would allow participating countries to accelerate compensation for any overproduction recorded since January 2024.
The eight nations reiterated their commitment to full compliance with the Declaration of Cooperation, with adherence to be monitored by the Joint Ministerial Monitoring Committee. They also pledged to fully compensate for any excess output.
The countries are scheduled to meet monthly to review market conditions, conformity levels and compensation plans, with the next meeting set for April 5, 2026.
Analysts said the combination of rising geopolitical tensions and the phased return of OPEC+ supply could increase volatility in the oil market in the coming weeks, as traders balance supply risks against additional output.
