By Ayomide Otitoju
Nigerian National Petroleum Company Limited has increased the official selling prices of all 37 Nigerian crude grades for May-loading cargoes, amid rising global oil prices driven by escalating tensions in the Middle East, particularly the conflict involving Iran, the United States, and Israel.
According to industry reports, the national oil company raised the price of its flagship Bonny Light crude by $6.13 per barrel compared to April, while Forcados crude saw a $7.01 per barrel increase.
The upward adjustment comes as global benchmark Brent crude surged above $110 per barrel, reflecting market concerns that the Iran–U.S. conflict could evolve into a prolonged disruption, alongside broader geopolitical uncertainties in the Middle East.
Data from the Central Bank of Nigeria indicated that Bonny Light prices had already begun climbing, rising by nearly $2 earlier in the week amid speculation over a potential reopening of the Strait of Hormuz, a critical oil shipping route. Prior to the escalation of tensions in late
February, the crude grade traded at approximately $74 per barrel.
Analysts note that the geopolitical crisis has boosted revenues for oil-exporting countries, with currencies tied to energy exports gaining strength on the back of higher commodity prices. In contrast, oil-import-dependent economies have faced mounting pressure, as rising crude costs weigh on exchange rates and inflation.
The surge in oil prices has also triggered broader shifts across global energy markets, including renewed investments, supply disruptions, and strategic realignments among major producers. Industry observers warn that continued instability in the Middle East could sustain elevated crude prices, reshaping trade flows and influencing monetary policy decisions in both exporting and importing nations.
