Nigeria’s Bonny Light crude oil has surged to $80 per barrel, up from $70, reaching its highest level since July 2025.
The rise follows coordinated US‑Israeli military strikes on Iran, which have shaken global energy markets and disrupted crude flows from the Middle East.
Other major crude benchmarks also posted sharp gains: Brent Crude climbed to $79.08 from $72.87, Murban Crude rose to $81.05 from $74.24, and West Texas Intermediate (WTI) in the US jumped to $72.24 from $62 per barrel.
Oil prices started firming on Sunday amid reports that Iran’s crude output—estimated at around three million barrels per day, largely exported to China and other Asian buyers—had been affected by the conflict.
As hostilities intensified, traders factored in the risk of a broader supply shock, pushing prices higher across global benchmarks. According to OPEC, Iran possesses vast hydrocarbon reserves, significant natural gas deposits, and key minerals including copper, iron ore, zinc, and sulphur.
At $80 per barrel, Bonny Light now trades $15.15 above Nigeria’s 2026 budget benchmark of $64.85 per barrel. The 2026 fiscal plan is based on crude production of 1.84 million barrels per day and an exchange rate of ₦1,400 to the dollar, meaning sustained higher prices could boost government revenues if production targets are achieved.
Analysts, however, warn that prolonged instability in the Middle East could keep global petroleum prices elevated, potentially increasing domestic pump prices in the coming weeks.
Meanwhile, the OPEC+ alliance agreed to gradually raise output following a virtual meeting on March 1, 2026. Eight member countries—Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman—resolved to begin rolling back 1.65 million barrels per day of voluntary production cuts initially imposed in April 2023.
OPEC+ stated it would implement a 206,000 barrels per day increase starting April 2026, citing steady global economic conditions and relatively low inventories. The alliance added that the full restoration of the 1.65 million barrels per day would be gradual and flexible, allowing adjustments depending on market conditions.
