Nigeria’s key crude oil grades Bonny Light, Brass River, and Qua Iboe climbed above $77 per barrel over the weekend and sustained those levels into late Sunday, following Israeli military strikes on Iran, which have heightened concerns over a broader conflict in the Middle East.
Data from Oilprice.com shows that Bonny Light rose to $78.62 per barrel, while Brass River and Qua Iboe settled at $77.09 and $77.14, respectively.
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The price rally represents a sharp increase from the average of $65 per barrel recorded only days earlier. These new price levels exceed the Federal Government’s 2025 budget benchmark of $75 per barrel by over $2, potentially providing short-term fiscal relief.
Nonetheless, energy analysts caution that the surge in crude prices could lead to higher domestic fuel prices, as refineries are likely to face increased costs for crude the principal raw material in the production of petrol and diesel.
The price spike is largely attributed to renewed geopolitical tensions in the Middle East.
