Over the weekend, Nigeria’s key crude oil grades Bonny Light, Brass River, and Qua Iboe climbed above $77 per barrel, spurred by Israel’s military strikes on Iran that heightened fears of a broader Middle East conflict.
Bonny Light hit $78.62
Brass River reached $77.09
Qua Iboe rose to $77.14
These prices mark a sharp increase from recent averages around $65 per barrel, and they exceed Nigeria’s 2025 budget benchmark of $75 by over $2, potentially providing short-term fiscal relief.
However, energy analysts caution that higher crude prices may lead to increased local fuel costs, as the expense of importing or refining crude oil rises. The surge is directly linked to renewed geopolitical instability in the Middle East.
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