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.
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