US–Iran crisis: Nigerian crude nears $120
Escalating tensions between the United States and Iran have driven Nigerian crude oil prices close to $120 per barrel, as global markets react to supply fears around the Strait of Hormuz. Data cited from the Central Bank of Nigeria show that Bonny Light, Nigeria’s flagship crude grade, recently traded around $117 per barrel, up sharply from earlier in the year. Analysts say the US–Iran war and Iran’s move to restrict traffic through the Strait of Hormuz, a key route for about 20 per cent of the world’s oil and gas shipments, have fuelled the price spike. Nigeria has benefited from higher export receipts, with some reports estimating an oil revenue windfall running into several trillions of naira compared to budget benchmarks. However, the surge in crude prices is a double‑edged sword for the country, which still imports most of its […]