RismadarVoice Reporters, May 19, 2026
Nigeria’s crude oil prices are steadily moving towards the $120 per barrel mark as tensions between the United States and Iran continue to disrupt global energy markets.
Bonny Light, Nigeria’s premium crude grade, is currently trading around $117 per barrel, according to data from the Central Bank of Nigeria, reflecting a sharp increase from previous levels and approaching highs recorded earlier in the year.
The rise comes amid growing concerns over supply disruptions triggered by the ongoing Middle East crisis, which has driven global oil prices upward since the outbreak of hostilities between Washington and Tehran.
Industry analysts note that Nigerian crude traditionally sells above Brent crude, the international benchmark, making it particularly sensitive to global market shocks.
Oil prices have climbed significantly from around $70 per barrel since tensions escalated, with fears intensifying after the strategic Strait of Hormuz — a vital maritime route responsible for roughly one-fifth of global oil transportation — experienced disruptions linked to the conflict.
Diplomatic efforts aimed at ending the crisis remain uncertain despite reports that Iran has submitted a response to the latest US proposal through Pakistan, which has emerged as a mediator in the talks.
Iranian Foreign Ministry spokesperson Esmaeil Baghaei said Tehran’s position had been communicated to Washington, adding that key demands include the release of frozen Iranian assets and the lifting of economic sanctions.
He stated that Iran had consistently defended these positions throughout negotiation rounds and also called for compensation for war-related damages and the removal of restrictions affecting its ports and economic activities.
Although both countries have exchanged proposals in recent weeks, negotiations appear to have slowed, raising uncertainty over prospects for a lasting resolution.
The US has reportedly pushed for stricter conditions, including limitations on Iran’s nuclear programme and the reopening of the Strait of Hormuz to international shipping.
Meanwhile, President Donald Trump has maintained pressure on Tehran, warning that time was running out for Iran to reach an agreement.
Economic observers say prolonged instability could have mixed implications for Nigeria. While higher oil prices may boost government revenue and foreign exchange earnings, rising energy costs globally could also intensify inflationary pressures and affect economic stability.
With markets closely monitoring developments in the Middle East, investors and policymakers remain cautious as the conflict continues to shape global oil supply dynamics.
