Nigeria’s Oil Grades Near $80 as Israel-Iran Tensions Escalate
Nigerian Oil Hits Near-$80 Mark Amid Middle East Tensions Nigeria’s main crude oil grades—Bonny Light and Escravos Light —are now trading close to the key $80 per barrel level. This rise follows growing fears over a potential escalation in the conflict between Israel and Iran . On Friday, Brent crude futures surged nearly 8% , fueled by concerns about regional instability after Iran vowed to retaliate for recent attacks by Israel. This market movement has directly affected Nigerian crude, with both Brass River and Qua Iboe nearing the $80 mark. According to data from OilPrice.com , Brass River is currently trading at $77.09/barrel , up $5.24 (7.29%) , while Qua Iboe stands at $77.14/barrel , also up $5.24 (7.29%) . Though this price jump offers some relief to Nigeria’s strained budget, it highlights how vulnerable the country remains to global […]