The price of Nigeria’s Bonny Light crude oil has skyrocketed to $80 per barrel, a significant jump from $70 per barrel, marking its highest level since July 2025.

This surge is attributed to the escalating conflict between the United States, Israel, and Iran, which has disrupted global oil supplies.

Other major crude oil benchmarks have also experienced notable gains, with Brent crude rising to $79.08 per barrel, Murban Crude climbing to $81.05 per barrel, and West Texas Intermediate (WTI) increasing to $72.24 per barrel.

The conflict has raised concerns about a potential supply shock, driving prices up. According to OPEC, Iran has vast hydrocarbon and mineral resources, including natural gas, coal, and various metals.

At the current price, Nigeria earns $15.15 above its 2026 budget benchmark of $64.85 per barrel. However, energy analysts warn that sustained tensions could lead to higher global petroleum product prices, affecting domestic pump prices.

In response, OPEC+ has agreed to increase oil output by 206,000 barrels per day, effective April 2026. The alliance will continue to monitor market conditions and adjust production accordingly.

“Rising crude prices increase costs for petrol, diesel, and jet fuel, impacting logistics, power generation, and consumer goods,” said Dr. Kelvin Emmanuel, an energy economist.