Lagos, Nigeria – Bonny Light crude surged above $110 per barrel, trading at premiums up to $112 alongside light sweet grades like Qua Iboe, as Brent benchmark hit $112—highest since mid-2022—amid Strait of Hormuz threats from US-Israel-Iran conflict entering week three.
Okay News notes Brent up nearly 50% this month, Murban doubled; sustained $108+ closes eye 2022’s $120 highs. Nigeria’s $64.85 budget benchmark dwarfs reality despite OPEC quota struggles—February output fell to 1.31 million bpd crude-only versus 1.5 million target.
Fuel market volatility persists despite Dangote Refinery’s 650k bpd stabilizing domestic supply; transport fares, commodities face hikes from pump adjustments. African nations—South Africa, Ghana, Kenya—scramble for refinery output amid global shortages.
US Treasury waived sanctions on pre-loaded Iranian oil sales through April 19, unlocking ~140M barrels echoing Russian measures; China dominates teapot refiners, but waiver widens buyers despite Hormuz choke (20% world oil)—now nearly closed, stranding Gulf supplies.
Trump pushes de-escalation on energy targets, slams NATO inaction; Netanyahu vows no Iranian facility strikes as Iran hits Gulf neighbors, forcing OPEC cuts.
