Crude oil from Nigeria climbed to $113 per barrel, outperforming global benchmark Brent crude, as supply disruptions and strong demand from Asia continued to reshape global oil markets.
Latest price data shows Brass River crude, one of Nigeria’s key export grades, trading at $113 per barrel, even as Brent crude dipped below $95 per barrel during Asian trading on Thursday.
Nigeria’s flagship grade, Bonny Light crude, has however recorded a slight downward trajectory over the past week, reflecting broader volatility in global oil markets.
West African crude sees strong demand
Physical spot prices for West African crude grades had earlier surged sharply, reaching between $140 and $150 per barrel, as global refiners scrambled to replace disrupted supply from the Middle East.
However, those prices have since eased below the $120 per barrel mark, as markets responded to geopolitical developments and expectations of improved supply conditions.
Meanwhile, West Texas Intermediate (WTI) crude futures held steady at around $88 per barrel, while Brent crude futures edged 0.1% higher to about $95 per barrel.
China’s economic growth boosts oil demand outlook
Oil markets also received support from stronger-than-expected economic data from China, the world’s largest crude oil importer.
China’s economy expanded 5% year-on-year in the first quarter of 2026, surpassing the government’s annual growth target and boosting optimism about future energy demand.
The growth was driven by strong export demand and improving domestic consumption, following several years of weaker economic performance.
Although some indicators suggest economic momentum slowed toward the end of the quarter, the stronger GDP reading has improved global demand expectations for crude oil.
U.S.–Iran peace talks calm market volatility
Oil prices have also been influenced by ongoing geopolitical tensions involving the United States and Iran.
Reports indicate that both countries are considering extending a temporary ceasefire by two weeks to allow additional time for negotiations toward a longer-term peace agreement.
The talks aim to reduce tensions surrounding the strategic Strait of Hormuz, a critical corridor for global oil and gas shipments.
The waterway has remained a major focal point in the conflict, with disruptions affecting global oil supply chains.
According to reports, a naval blockade established by the United States forced several ships to reverse course to prevent Iranian shipments, while other vessels have largely avoided the Strait due to security concerns.
However, a few oil tankers have recently crossed the route, raising hopes that shipping activity may gradually resume.
As part of a potential agreement, Iran may allow vessels to pass freely through the Omani side of the Strait without fear of attack, which could help stabilise global oil flows.
Conflict continues to shape oil markets
The current ceasefire between Washington and Tehran is expected to expire on April 21, keeping markets on edge.
Recent reports suggesting the deployment of more than 10,000 U.S. troops to Iran have raised fears of a possible escalation.
Since the start of the conflict, oil prices have climbed as high as $120 per barrel, although gains have been limited by emergency crude releases from major economies.
Both the International Energy Agency (IEA) and Organization of the Petroleum Exporting Countries (OPEC) have also warned that weaker global demand and supply disruptions related to the conflict could pressure oil markets in the coming months.
With Iran’s blockade of the Strait of Hormuz continuing to disrupt global energy flows, analysts say the region will remain a major driver of volatility in global oil prices in the near term.
