Nigerian crude rises toward $120 amid US-Iran tensions

Nigerian crude oil prices are climbing towards $120 per barrel as tensions between the United States and Iran continue to unsettle global energy markets.

Data from the Central Bank of Nigeria shows that Bonny Light, the country’s flagship crude grade, is currently trading at about $117 per barrel, approaching levels recorded in April when prices briefly surged close to $140.

Nigerian crude typically trades at a premium above Brent, the global benchmark.

Prices have risen sharply from around $70 per barrel following the outbreak of hostilities between the US and Iran, which led to the closure of the Strait of Hormuz — a key shipping route responsible for roughly 20 per cent of global oil transportation.

Diplomatic efforts to end the conflict appear stalled despite ongoing exchanges between Washington and Tehran.

According to reports, Iran has submitted its latest response to a US proposal through Pakistan, which is acting as a mediator.

Iran’s Foreign Ministry spokesman, Esmaeil Baghaei, said the country’s position includes demands for the release of frozen assets, the lifting of sanctions, and compensation for war-related damages.

Tehran is also calling for an end to hostilities across all fronts, including in Lebanon.

The United States, on its part, has insisted that Iran dismantle its nuclear programme and reopen the Strait of Hormuz.

Reports indicate that Washington proposed limiting Iran to a single operational nuclear facility and transferring its enriched uranium stockpile abroad as part of a potential deal.

US President Donald Trump warned that time was running out for Iran to reach an agreement, stating that the situation remains critical.

Meanwhile, US Treasury Secretary Scott Bessent is pushing for stronger international alignment on sanctions targeting Iran.

Trump is also expected to consult national security advisers on possible next steps, including the option of renewed military action.

Despite the pressure, Iranian officials say the country is prepared for further escalation if necessary, maintaining that it will respond decisively to any threat.

With uncertainty persisting in the Middle East, oil markets remain volatile, keeping prices elevated and raising concerns over global energy supply.