Bonny Light hits 80 as US Israel strikes on Iran rattle oil markets
Nigeria’s Bonny Light crude has climbed to around 80 dollars per barrel as United States and Israeli strikes on Iran deepen tensions and disrupt energy trade routes. The price spike follows days of gains driven by fears that fighting involving Iran, a key Gulf producer, could choke shipments through the Strait of Hormuz, which handles about 20 percent of global oil flows. Traders and analysts said many tanker owners, oil majors and commodity houses have reduced or suspended movements of crude, fuel and liquefied natural gas through the narrow waterway, increasing demand for alternative grades like Bonny Light. Bonny Light, prized for its low sulphur content and suitability for gasoline and jet fuel production, has benefitted as buyers seek supplies less exposed to direct Gulf risks. The surge comes against the backdrop of Nigeria’s 2026 budget, which is benchmarked at […]
