Nigerian crude oil prices are approaching $120 per barrel as tensions between the United States and Iran continue to affect global energy markets.
Data from the Central Bank of Nigeria showed that Bonny Light crude traded around $117 per barrel, moving closer to levels recorded earlier in the year.
Rising Conflict Drives Oil Prices Higher
The increase in oil prices follows the escalation of the conflict involving the United States and Iran in the Middle East.
Nigerian crude nears $120 as global supply concerns grow after disruptions linked to the Strait of Hormuz, one of the world’s major oil transport routes.
The Strait of Hormuz handles nearly 20 per cent of global oil shipments, making it a critical channel for international energy supply.
Since the conflict intensified, global crude prices have risen sharply from around $70 per barrel.
Iran Responds to US Proposal
According to reports by Al Jazeera, Iran has responded to a recent United States proposal aimed at ending the conflict.
Iranian Foreign Ministry spokesman Esmaeil Baghaei said Tehran’s position was communicated to Washington through Pakistan, which is acting as a mediator.
Nigerian crude nears $120 as uncertainty surrounding peace talks continues to create pressure in the international oil market.
Iran Demands Sanctions Relief
Iran reportedly requested the release of frozen assets abroad and the removal of sanctions as part of ongoing negotiations.
Tehran also called for compensation linked to war-related damage and demanded an end to military operations across affected regions.
Meanwhile, the United States has continued to push for restrictions on Iran’s nuclear programme and the reopening of the Strait of Hormuz.
Trump Warns Iran Amid Tense Negotiations
US President Donald Trump warned Iran to move quickly towards an agreement, stating that time was running out for negotiations.
Reports also suggested that the United States proposed limiting Iran to one operational nuclear facility while requesting the transfer of enriched uranium stockpiles.
Nigerian crude nears $120 as investors closely monitor developments between Washington and Tehran.
Global Markets Watch Middle East Developments
US Treasury Secretary Scott Bessent said he would encourage G7 finance ministers to support sanctions targeting Iran’s funding sources.
At the same time, reports indicated that President Trump is expected to meet security advisers to discuss possible next steps regarding the conflict.
Iranian officials, however, said the country remains prepared for further escalation if tensions increase again.
Nigerian crude nears $120 while global markets continue to react to geopolitical uncertainty and concerns over future oil supply disruptions.
