ABUJA, Nigeria — Nigerian light sweet crude grades surged past $113 per barrel on Monday, April 27, 2026, as the Strait of Hormuz remained virtually impassable and peace talks between Iran and the United States stalled, extending a supply shock that has upended global energy markets.
Okay News reports that Bonny Light, Qua Iboe, and Brass River crudes traded as high as $130 per barrel in spot markets, a premium over the international benchmark Brent, as Asian and European refiners scrambled for low‑sulfur sweet crude alternatives. Brent itself rose as much as 2.5 percent to $108 per barrel, while West Texas Intermediate moved toward $97.
The spike came as daily transits through the Strait of Hormuz dwindled to nearly zero because of a mutual blockade by Iran and the United States, despite a ceasefire that has technically held since early April. The International Energy Agency has described the disruption as the largest supply shock in history.
Iranian President Masoud Pezeshkian said his country would not engage in “imposed negotiations under threats or blockade,” while United States President Donald Trump told reporters that Iran had “offered a lot, but not enough.” Trump cancelled a planned weekend trip to Pakistan by his envoys Jared Kushner and Steve Witkoff after the impasse.
Nigeria’s crude oil production climbed to approximately 1.84 million barrels per day in April 2026, a sharp recovery from the 1.3 to 1.5 million barrels per day recorded earlier in the year, but the country is grappling with a “crude supply gap” between export earnings and domestic refinery needs.
The Dangote Refinery requires about 15 cargoes per month to run at full capacity. The Nigerian National Petroleum Company (NNPC) increased allocations to roughly 10 cargoes in March 2026, forcing the refinery to supplement with imports. Upstream producers remain reluctant to prioritise domestic supply when international spot markets offer more than $113 per barrel in hard currency.
