Nigerian Oil Prices Surge Toward $80 as Middle East Tensions Explode
Nigeria’s flagship crude oil grades are approaching the crucial $80 per barrel threshold as escalating conflict between Israel and Iran sends shockwaves through global energy markets. Brent crude futures jumped nearly 8% on Friday following Iran’s vow to retaliate against Israeli attacks.
The geopolitical turmoil has significantly boosted Nigerian crude varieties, with Brass River crude now trading at $77.09 per barrel—a substantial $5.24 increase representing a 7.29% surge. Qua Iboe crude has similarly risen to $77.14 per barrel with an identical $5.24 gain.
This price surge offers potential relief for Nigeria’s struggling economy, which heavily depends on oil exports for foreign exchange and government revenue. However, the increase threatens to push petrol prices above N900 per liter at Nigerian pumps, potentially impacting consumers already battling rising food and transportation costs.
The rally reflects global buyers’ search for “safer” oil supplies outside the volatile Middle East, with Nigeria’s high-quality light sweet crude becoming increasingly attractive to international refiners seeking secure alternatives.
Source: businessday.ng