Middle East Tensions Drive Bonny Light Near $120 a Barrel

Global oil prices have surged again as rising US–Iran tensions stoke fears of supply disruptions. Nigeria’s flagship grade, Bonny Light, is trading around $117 per barrel and is inching toward the $120 mark. Prices had dipped in recent weeks but spiked once more amid renewed conflict concerns. Markets are particularly jittery about the Strait of Hormuz, a vital passage for nearly 20% of world oil shipments. Any blockage there could sharply curtail supply and send prices even higher. Diplomatic talks between Washington and Tehran remain stalled. Iran demands release of frozen assets and an end to sanctions, while the US insists on stricter limits on Iran’s nuclear and regional activities. Until a breakthrough is reached, oil markets are likely to stay volatile.

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