Nigerian Crude Oil Hits $113, Tops Brent

Nigerian crude oil prices surged in Asian trade on Thursday, with Brass River trading at $113 per barrel, significantly higher than Brent crude, which dipped below $95 per barrel.

The rally followed stronger-than-expected China Q1 GDP growth of 5%, driven by robust exports and recovering domestic consumption, boosting optimism for global oil demand.

Despite the gains, Nigeria’s flagship grade Bonny Light has trended downward in recent days, reflecting volatility in the market.

Physical spot prices for West African grades had spiked toward $140–$150 per barrel amid supply disruptions but later eased below $120.

Analysts say the surge reflects refiners scrambling to replace lost Middle Eastern supply, though expectations of progress in U.S.-Iran ceasefire talks capped further gains.

West Texas Intermediate (WTI) crude futures held steady at $88 per barrel, while Brent futures rose slightly by 0.1% to $95 per barrel.

Peace talks between Washington and Tehran have calmed volatility, with mediators seeking to extend the truce and resolve issues around Iran’s nuclear program and reopening the Strait of Hormuz, a vital oil transit route.

The U.S. has maintained a naval blockade, forcing several ships to reverse course, while Iran continues to restrict traffic. A few tankers crossed the strait this week, raising hopes of a breakthrough.

Since the war began nearly seven weeks ago, oil prices have spiked to $120 per barrel but struggled to hold gains amid emergency reserve releases and warnings from IEA and OPEC about weaker demand.