Nairametrics reported that Bonny Light, Nigeria's flagship crude, traded near US$115 a barrel on 24 October 2026, with dated Brent at US$110 to US$114 and WTI at US$103, as at least 28 merchant ships were struck near the Strait of Hormuz in October. Higher prices lift Nigeria's oil income, with the market price about 53% above the US$75 budget benchmark, though the naira fell 2.1% to 1,365 per US$1 on 22 October and petrol costs 1,380 to 1,400 naira a litre. Nigerian output averaged 1.7 million barrels a day in August, but more crude is going to home refineries such as Dangote, leaving fewer cargoes for export. The article notes that higher oil prices do not automatically strengthen the naira, and that whether Hormuz attacks continue remains open.
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SPY
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Relevance: low
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