As tensions between the US and Iran drive crude oil above $105 per barrel, eighteen countries across Africa, Europe, Asia and the Americas have introduced subsidies, tax cuts and price caps to shield households. Nigeria, however, has yet to announce any major relief measures, writes DAMILOLA AINA
On 28 February 2026, escalating tensions between the United States and Iran sent shockwaves through global oil markets, driving crude prices sharply higher and reigniting fears of inflation, rising transportation costs and wider economic instability across the world.
Brent crude, which traded around $77 per barrel at the early stages of heightened geopolitical tensions in the Middle East in mid-2025, has surged above $105 per barrel in recent weeks, with intraday spikes approaching $120 as fears intensified over possible disruptions to oil shipments through the Strait of Hormuz, one of the world’s most critical oil transit routes.
Three months later, the development has forced governments across Africa, Europe, Asia and the Americas to adopt emergency economic measures aimed at cushioning citizens from the ripple effects of rising energy costs.
From fuel subsidies and tax cuts to transport support schemes and electricity relief packages, countries are racing to prevent a full-scale cost-of-living crisis.
