Nigerian crude grades surged past $113 per barrel, with spot prices hitting $130, as the Iran war stalemate and a blocked Strait of Hormuz deepened global oil supply disruptions.
Nigerian crude oil and other major contracts surged on Monday as peace talk efforts over the Iran war stalled and the Strait of Hormuz remained virtually impassable. The prolonged Middle East disruptions continued to rattle global markets, driving Brent crude up as much as 2.5 percent to $108 per barrel, while West Texas Intermediate climbed toward $97.
Nigerian light sweet grades bore the sharpest gains, with Bonny Light, Qua Iboe, and Brass River surging beyond $113 per barrel, with some spot transactions reaching as high as $130 per barrel. The premium reflects strong international demand for Nigeria’s low-sulphur crude as buyers seek alternatives to disrupted Middle Eastern supply route.