{
  "id": 16311655,
  "title": "Nigerian Bonny Light hits $115 a barrel as Strait of Hormuz attacks surge",
  "url": "https://urgent.news/2026/10/24/nigerian-bonny-light-hits-115-a-barrel-as-strait-of-hormuz-attacks",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-24T10:08:59.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/10/24/nigerian-bonny-light-hits-115-a-barrel-as-strait-of-hormuz-attacks-surge/"
  },
  "original_language": "en",
  "account": "Nigerian Bonny Light crude oil reached $115 per barrel, while West Texas Intermediate settled at $103, amid heightened geopolitical tensions. The rise in prices was driven by concerns over supply disruptions and increased domestic production in Nigeria. Tensions escalated as President Donald Trump warned of potential strikes against Iran, citing Operation Epic Fury. US Ambassador to Turkey, Tom Barrack, reported a strike may occur this weekend, though Trump remained uncertain. This month witnessed the most attacks on commercial shipping in the Strait of Hormuz, with at least 28 vessels targeted, according to the Washington Institute. Since February, there have been 113 attacks, with the International Maritime Organization documenting 120 incidents. Iran's chief nuclear negotiator, Rafael Grossi, stated the agency is ready to resume nuclear verification in Iran, but requires a negotiated deal. The Strait of Hormuz is a crucial transit route for Persian Gulf crude exports, attracting a premium when there are supply shocks due to its light/sweet nature and passage through the bypass pipeline. Iranian President Masoud Pezeshkian is set to attend a summit of gas-exporting countries in Moscow, meeting Russian President Vladimir Putin. Meanwhile, Israel imposed strict restrictions on the West Bank following a shooting that killed two Israeli soldiers. Nigeria's crude oil and condensate production averaged 1.7 million barrels per day in August 2026, up from ~1.53 mbpd earlier in the year. Crude theft and tapping have decreased due to improved security around the Nembe Creek and Trans-Niger Pipeline corridors. Nigeria's crude oil and condensate reserves stand at 37 billion barrels, according to the Nigerian Upstream Petroleum Regulatory Commission. As production nears 2 million barrels per day, local refining capacity has expanded, targeting ~1.5 mbpd from state and private refineries, including Dangote. Nigerian light-sweet grades, such as Bonny Light, Qua Iboe, and Forcados, are being offloaded to domestic refining companies rather than exported to Europe and Asia. Brent crude has risen to over $110-$114 per barrel, amid ongoing Middle Eastern conflicts, supply disruptions, and freight-transport costs. OPEC+ maintains production levels, exerting downward pressure on spot crude supplies for sweet and heavy sour grades. Long-term growth will rely on additional upstream investment in marginal fields, infrastructure protection, and capital to convert discovered resources into production.",
  "summary": "Nigerian Bonny Light last traded at N115 a barrel while West Texas Intermediate settled at $103 a barrel on supply-side concerns. The post Nigerian Bonny Light hits $115 a barrel as Strait of Hormuz attacks surge appeared first on Nairametrics .",
  "key_points": [
    "Nigerian Bonny Light crude oil hits $115 per barrel",
    "Tensions rise over potential strikes against Iran",
    "Most attacks on commercial shipping in Strait of Hormuz"
  ],
  "editors_take": "Escalating maritime attacks in the Strait of Hormuz and geopolitical threats against Iran are driving global crude prices higher as markets brace for significant supply disruptions.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}