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 refined petrol. The higher global oil price raises the landing cost of imported fuel, putting renewed pressure on the naira and feeding into domestic inflation, especially transport and food costs.
Market watchers note that Nigerian crude is currently trading at a premium of about $5 above Brent, reflecting strong demand for its light, sweet cargoes in Europe and Asia. Even so, refinery constraints and subsidy concerns at home mean Nigerians are not feeling the full benefits of the export boom in their daily lives.
With US President Donald Trump vowing tougher action if Iran does not fully reopen the Strait of Hormuz, traders warn that prices could climb even higher in the coming weeks. Energy experts are urging the Nigerian government to use the temporary windfall to strengthen buffers, support local refining capacity and cushion vulnerable households from the knock‑on effects of imported fuel costs.
About the author
Top Nigerian streamers dominate digital space in 2026
Nigerian content creators are making a strong impact in Africa’s streaming scene in 2026. The country has produced several of the continent’s most popular live streamers, with creators building large audiences across Twitch, Kick, and other platforms. Among the leading names are Carter Efe, Shank Comics, Enzo, Peller, Ojo, and Lord Lamba. These streamers have gained attention through comedy, gaming, live interaction, celebrity collaborations, and entertainment content that connects with young audiences. Their rise shows how live streaming has become a major part of Nigeria’s digital entertainment space. As more creators join the industry, Nigeria continues to play a leading role in shaping Africa’s online content culture.
Bayern sign defender Brown on six-year deal
Bayern Munich have signed Germany defender Nathaniel Brown from Eintracht Frankfurt on a six year deal. The transfer gives Bayern another strong option in defence as they continue to strengthen their squad. Brown has been one of the standout young defenders in German football and his move is seen as a major addition for the Bundesliga champions. The deal also reflects Bayern’s plan to build for the future with young and proven talent. Brown is expected to join up with the team ahead of the new season.
Iran prepares for mass funeral events for slain leader
Iran is preparing for a week of funeral events for slain Supreme Leader Ayatollah Ali Khamenei, with officials expecting a huge turnout in Tehran and other cities. The ceremonies are scheduled to begin in Tehran before moving to Qom, Najaf, Karbala, and Mashhad. Authorities say the funeral will be one of the largest public events in the country’s history and a show of support for the Islamic Republic. Officials have urged large numbers of people to attend, while security teams are making special arrangements for the crowds. The burial is expected to take place in Mashhad after the main procession and related memorial events.
Another batch of Nigerians evacuated from South Africa arrives in Lagos
Another batch of Nigerians evacuated from South Africa has arrived in Lagos as the Federal Government continues its repatriation exercise. The returnees landed at the Murtala Muhammed International Airport on Tuesday. Their arrival is part of the ongoing effort to bring back Nigerians who signed up for evacuation following reports of xenophobic attacks and rising tension in South Africa. The evacuation is being coordinated by the Federal Government with support from relevant agencies and partners. More Nigerians are expected to arrive in the coming days as the exercise continues.
NANS seeks probe of alleged crisis at Osun Poly
The National Association of Nigerian Students has called for an independent investigation into the alleged administrative crisis at Osun State Polytechnic, Iree. The student body said the situation at the institution is affecting academic performance and student welfare. NANS claimed there have been concerns over poor governance, weak academic delivery, financial mismanagement, and administrative inefficiency at the polytechnic. It also alleged that students have faced repeated disruptions, poor examination arrangements, and other challenges that have affected learning. The association gave relevant authorities a seven day ultimatum to begin a full probe into the matter. It urged agencies such as the National Board for Technical Education, the Independent Corrupt Practices Commission, the Department of State Services, and TETFund to look into the allegations. NANS warned that if no action is taken, it may begin peaceful protests to press home its demands.
Tinubu jokingly calls First Lady Iya Alakara
President Bola Tinubu has playfully referred to the First Lady, Senator Oluremi Tinubu, as “Iya Alakara” during a public event in Abuja.facebook+2 He used the nickname while observing protocol at the Presidential Press Corps Dinner held at the State House.punchng+1 Tinubu said “my dear wife, the First Lady, Iya Alakara,” a remark that drew laughter from guests at the event.naijatrend+1 The phrase “Iya Alakara,” loosely meaning “akara seller,” appears to reference the recent debate over the First Lady’s comments on women taking up small businesses and petty trading.punchng+1 Video clips and social media posts of the moment have gone viral, with Nigerians reacting to the joke and revisiting the controversy around her earlier remarks.instagram+1
Related
Iran prepares for mass funeral events for slain leader
Iran is preparing for a week of funeral events for slain Supreme Leader Ayatollah Ali Khamenei, with officials expecting a huge turnout in Tehran and other cities. The ceremonies are scheduled to begin in Tehran before moving to Qom, Najaf, Karbala, and Mashhad. Authorities say the funeral will be one of the largest public events in the country’s history and a show of support for the Islamic Republic. Officials have urged large numbers of people to attend, while security teams are making special arrangements for the crowds. The burial is expected to take place in Mashhad after the main procession and related memorial events.
US and Iran hold technical talks on peace deal
The United States and Iran have held technical talks in Doha as part of efforts to secure a wider peace deal and restart shipping through the Strait of Hormuz. According to Reuters, the two sides focused on maritime traffic, frozen Iranian assets, and other issues linked to an interim agreement reached earlier. Sources said the talks lasted two days and did not address Iran’s nuclear programme, which is expected to be handled in later discussions. Reuters reported that the initial deal would allow shipping to resume through the Strait of Hormuz, a major route for global oil and gas trade. The discussions were described as technical, with officials saying they built on earlier progress but did not produce a final settlement.
Iran urges huge turnout at Khamenei funeral
Iranian authorities are urging a massive public turnout at the funeral of late Supreme Leader Ayatollah Ali Khamenei, describing the ceremonies as both a national farewell and a call to avenge his death.newarab+1 The country is preparing days of funeral events in Tehran, Qom, Mashhad and Shiite holy cities in Iraq, with officials saying up to 35 million people could take part.ynetnews+1 Senior figures have asked citizens to turn out in large numbers to send a strong message to the world, using the slogan “We must avenge” in official communications.english.aawsat+1 Authorities say the funeral will be held under the title “Martyr of Iran,” and security forces are on high alert to manage the crowds and prevent any incidents.youtubeiranintl+1 Iran’s joint military command has also warned that all oil tankers passing through the Strait of Hormuz must follow routes it approves […]
Trump says US and Iran are getting along
United States President Donald Trump has said that relations between the US and Iran are “getting along very well,” according to Reuters. His comments come at a time when Washington and Tehran remain engaged in difficult talks over regional tensions and Iran’s nuclear programme. Trump gave no detailed explanation, but his statement suggests he sees signs of progress in the relationship. The remark comes as both countries continue to face pressure over security concerns in the Middle East. Negotiations between the two sides remain closely watched because of their possible impact on wider regional stability.
Sudan cholera outbreak kills 120 as WHO warns
The World Health Organization has warned that a cholera outbreak in Sudan has killed 120 people. The outbreak is affecting West Kordofan state, where health officials have reported 838 suspected cases and seven confirmed cases so far. WHO said the situation is getting worse because the conflict in Sudan has disrupted health services and forced many people to leave their homes. The agency added that insecurity and limited access are slowing the delivery of medical supplies and the work of response teams. WHO said it is working with partners to expand treatment centres, set up oral rehydration points, distribute cholera kits, and support hygiene and health education in affected communities.
Israel says troops will stay in Lebanon Syria and Gaza
Israel’s defence minister has said Israeli forces will remain in security zones in Lebanon, Syria and Gaza for an indefinite period. Israel Katz said the army would stay in these areas to protect Israeli communities from what he described as hostile groups. He added that Israel has no plan to withdraw from the zones at this time. Katz made the remarks at an event held in memory of Israeli soldiers who died during the 2006 war in Lebanon. The statement comes as tensions remain high across the region, with Israeli forces continuing operations in several areas.