Nigeria’s oil and gas equities have recorded a significant rally on the Nigerian Exchange Limited (NGX), gaining an estimated N7.35 trillion in market value between February and May 2026, as escalating geopolitical tensions in the Middle East drove global crude oil prices higher.

The surge in share prices follows the intensification of the crisis involving Iran, Israel, and the United States, which has disrupted global energy markets and heightened concerns over oil supply security.

The conflict escalated sharply on February 28, 2026, after coordinated military strikes by the United States and Israel targeted Iranian military and nuclear-related facilities.

Iran retaliated with missile and drone attacks on Israeli positions, US bases in the Gulf, and critical shipping routes near the Strait of Hormuz a vital corridor through which a significant portion of the world’s oil supply passes.

Heightened fears that Iran could restrict or block the Strait of Hormuz triggered a spike in global crude oil prices, as traders priced in potential supply disruptions.