Nigerian Oil Near US$115 on Hormuz Attacks
At least 28 ships were struck near the Strait of Hormuz, adding a war-risk premium and pushing Brent above $110, analysts said.
- Nigeria's flagship crude grade, Bonny Light, traded near US$115 a barrel on Saturday, October 24, 2026, while dated Brent crude reached between US$110 and US$114 per barrel.
- Escalating conflict in the Strait of Hormuz, a narrow waterway, triggered the global price spike; the Washington Institute, a US research group, reported at least 28 merchant ships were struck this month.
- The upstream regulator NUPRC reported August output at 1.678 million barrels a day, with market prices about 53% above the US$75 budget benchmark for 2026, potentially boosting state receipts.
- Energy inflation surged to 10.85% in September, and petrol sold for 1,380 naira to 1,400 naira a litre at Lagos stations in mid-October, complicating government discount efforts.
- Future price stability depends on whether attacks in the Strait of Hormuz continue, as market analysts remain uncertain whether Brent will hold above US$110 into November.
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