Middle East Crisis: Nigerian crude nears $120

Nigeria’s flagship crude grade, Bonny Light, is trading at about $117 per barrel, edging closer to $120, as the U.S.–Iran conflict continues to disrupt global oil markets.

Data from the Central Bank of Nigeria showed prices gradually returning to April highs, when Nigerian crude nearly hit $140 per barrel. Nigerian crude typically sells at a premium above Brent, the global benchmark.

Oil prices have surged from around $70 per barrel since the war began, following the closure of the Strait of Hormuz, which handles about 20% of global oil shipments.

Iran’s foreign ministry spokesman Esmaeil Baghaei confirmed that Tehran had conveyed its latest response to U.S. proposals through mediator Pakistan, insisting demands include the release of frozen assets and lifting of sanctions.

“The points raised are Iranian demands that have been firmly defended by the Iranian negotiating team in every round of negotiations,” he said.

Iran also seeks compensation for war damage, an end to the U.S. naval blockade, and a halt to fighting on all fronts, including Lebanon, where Israeli forces continue bombardments despite a ceasefire.

U.S. President Donald Trump warned on Truth Social: “The Clock is Ticking… They better get moving FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!” He described the ceasefire as “on life support.”

Reports from Fars News Agency said Washington’s five-point proposal demanded Iran retain only one nuclear site and transfer its enriched uranium stockpile to the U.S. Tehran rejected the offer, insisting on continued control of the Strait of Hormuz.

Meanwhile, U.S. Treasury Secretary Scott Bessent said he would urge G7 finance ministers to align with U.S. sanctions targeting Iran’s “war machine.”