Nigerian Crude Nears $120 as Middle East Conflict Intensifies

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Nigerian crude oil is edging closer to $120 per barrel. The ongoing conflict in the Middle East shows no sign of ending. Data from the Central Bank of Nigeria shows Bonny Light, Nigeria’s flagship crude grade, traded at about $117 per barrel. That is a return to its April level when prices almost hit $140 at one point.

Nigerian crude typically sells 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. 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.

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