Nigeria’s Bonny Light crude has climbed to $80 per barrel, the highest level since July 2025, following coordinated airstrikes on Iran by the United States and Israel that have disrupted crude supply flows from the Middle East.
The surge marks a $10 increase from its previous $70 per barrel level, as geopolitical tensions in the oil-rich region triggered fresh concerns over global supply stability.
Other benchmark crudes also posted strong gains. Brent rose to $79.08 per barrel from $72.87, and Murban crude increased to $81.05 from $74.24, while West Texas Intermediate (WTI) advanced to $72.24 per barrel from $62 recorded earlier.
Oil prices began rising on Sunday amid reports that Iran’s crude production, estimated at about three million barrels per day and largely exported to China and other countries, had been affected by the attacks. The rally intensified as fears grew over a broader supply shock in the global market.
According to the Organisation of the Petroleum Exporting Countries (OPEC), Iran holds extensive hydrocarbon and mineral reserves, including petroleum, natural gas, coal, chromium, copper, iron ore, lead, manganese, zinc and sulphur.
At the current price of $80 per barrel, Nigeria is earning $15.15 above its 2026 budget benchmark of $64.85 per barrel. The 2026 budget is based on crude production of 1.84 million barrels per day and an exchange rate of N1,400 to the dollar.
However, energy analysts caution that prolonged instability in the Middle East could drive up global petroleum product prices in the coming weeks, potentially impacting domestic pump prices.
Meanwhile, OPEC+ has agreed to gradually increase oil output following a virtual meeting held on March 1, 2026.
The eight participating countries—Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman—resolved to resume the phased return of 1.65 million barrels per day of voluntary production cuts announced in April 2023, beginning with an output adjustment of 206,000 barrels per day in April 2026.
“In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to resume the unwinding of the 1.65 million barrels per day of additional voluntary adjustments announced in April 2023 and agreed on a production adjustment of 206,000 barrels per day,” OPEC+ said in a statement.
The group added that adjustments would remain flexible and subject to evolving market conditions, with the option to increase, pause or reverse the phase-out if necessary.
The alliance also noted that the move would allow participating countries to accelerate compensation for overproduction since January 2024.
The eight OPEC+ members are scheduled to meet again on April 5, 2026, to further review market conditions and stabilisation efforts.