Nigerian Crude Surges to $115 as Saudi Pipeline Shutdown Tightens Global Supply

Nigerian Bonny Light crude has surged to over $115 per barrel due to global supply concerns triggered by Saudi Arabia's pipeline shutdown.

The disruption, which followed attacks on the East-West pipeline, has heightened tensions in the Middle East and pushed Brent crude above $108 per barrel.

Nigeria's oil production has also shown improvement, with August 2026 data indicating a rise to 1.68 million barrels per day, while crude production excluding condensate averaged about 1.50 million barrels per day.

While higher international prices may boost Nigeria's export earnings and government revenue, analysts warn that prolonged disruptions could tighten the global oil market and increase domestic fuel costs.