THE price of Nigeria’s Bonny Light, yesterday, rose to $76.60 per barrel from $73 per barrel at the backdrop of the continued hostility between Israel and Iran.

The global oil market responded, especially as the strike damaged some facilities at the Iran’s Pilot Fuel Enrichment Plant, thus fuelling fears over possible oil and gas supply disruptions.

Other crudes, including Brent, Murban and Louisiana Light also rose to $76.59, $76.75 and $76.60 per barrel from $73, $74 and $72 per barrel, respectively.

Experts said that crude oil prices could leap toward $100 per barrel if the Israel-Iran conflict degenerates, especially because of the position of Iran as major oil producing nation and member of the Organisation of Petroleum Exporting Countries, OPEC.

However, they also said the leap in prices would also enhance the execution of Nigeria’s N54.99 trillion 2025 budget, which is based on $75 per barrel, 2.06 million bpd output and exchange rate N1, 500/$.

Meanwhile, OPEC, yesterday, put Nigeria’s crude oil output, excluding condensate, at 1.544 million barrels per day, bpd in May 2025.

This showed a marginal increase of 1.44 per cent from 1.522 million bpd recorded in April 2025.

In its June 2025 Monthly Oil Market Report, MOMR, OPEC said this was based on data based on secondary sources.

Speaking on the Middle East crises, Dr. Muda Yusuf, Director and CEO of the Centre for the Promotion of Private Enterprise (CPPE), said: “The spikes will likely lead to higher prices for petroleum products such as petrol, diesel, jet fuel, and gas globally, with significant consequences for households, businesses, and national inflation.

“Higher energy prices affect production, logistics, transportation, and power generation. These increased costs will eventually be passed on to consumers, depending on the elasticity of demand,” he said.

“Global energy price hikes have inflationary consequences worldwide. Therefore, Nigeria could experience additional inflationary pressures from this external shock.”

On his part, Managing Director, 11Plc, Mr Tunji Oyebanji, said: “The conflict is volatile and the global market would continue to react to it.”