Nigerian crude is again edging towards $120 per barrel as the conflict in the Middle East shows no sign of ending.
The PUNCH reports that data from the Central Bank of Nigeria showed that Bonny Light, Nigeria’s flagship crude oil grade, traded at about $117 per barrel, gradually returning to its April level when prices almost hit $140 at one point. Nigerian crude is usually sold at a premium above the global benchmark, Brent crude.
Oil prices have surged from about $70 per barrel since the war between the United States and Iran erupted, and the Strait of Hormuz, which handles about 20 per cent of global oil transportation, was closed.
According to Al Jazeera, Iran has submitted a response to the latest United States proposal aimed at ending the war through mediator Pakistan.
Iranian Ministry of Foreign Affairs spokesman, Esmaeil Baghaei, told a press briefing on Monday that Tehran’s response to the latest US proposal had been “conveyed to the American side through mediator Pakistan”, the semi-official Tasnim news agency reported.
