Abuja, Nigeria | September 15, 2025 — Nigeria’s crude oil prices have slipped below the $70 per barrel threshold as market jitters grew following Ukraine’s drone strikes on Russian refineries and export terminals, sparking concerns over global supply disruptions.
According to trading reports, Nigerian crude blends Bonny Light and Brass River were last quoted at below $68 per barrel, underscoring renewed pressure on the country’s oil earnings.
In the wider market, Brent crude futures rose modestly to $67.3 per barrel, while U.S. West Texas Intermediate (WTI) crude climbed to $62.8 per barrel as investors weighed the potential supply squeeze against weak demand in Europe and Asia.
Energy analysts observed that while the strikes may limit Russia’s crude and refined fuel exports, global demand uncertainties have tempered any significant upward momentum in prices.
Nigeria, which depends on crude sales for the bulk of its foreign exchange income, risks increased fiscal strain if prices remain under $70. Economists caution that this could impact external reserves and add fresh pressure on the naira amid ongoing currency reforms.