LAGOS, Nigeria — The Brent crude price rose to $110 per barrel on Friday, its first time at that level since May, as renewed attacks on energy infrastructure in the Middle East and Russia deepened oil supply concerns.
The global benchmark gained 3.7% and logged its second consecutive weekly advance, as traders added bets on further increases ahead of the weekend.
What pushed the Brent crude price to $110
The rally followed reports of continued attacks by Iran-backed Houthi rebels on Saudi Arabia and renewed strikes by Russia and Ukraine on each other’s energy infrastructure. Those raised fears of further disruption to crude and refined product supplies.
The price was last at this level nearly five months ago, when disruptions to crude and fuel flows led to a fragile agreement that briefly reopened the Strait of Hormuz.
The jump poses a fresh threat to the 30-day petrol discount the Federal Government introduced to cushion the effect of rising fuel prices.
Oil supply concerns outweigh hopes of relief
Traders doubt that measures meant to ease supply will deliver as expected:
- US President Donald Trump says Russia will go ahead with a proposed release of several hundred million barrels of diesel to the global market. Continued attacks on Russian energy infrastructure have raised doubts about that plan.
- Reuters recently reported an attack on Russia’s Ryazan refinery, adding to concerns about Moscow’s ability to sustain refined product supplies.
- US lawmakers introduced legislation on Friday to block Trump’s agreement with Moscow, citing concerns that it could give Russia extra revenue to fund its war.
- The continued exclusion of Russian diesel from international markets has forced refineries elsewhere to process more crude, straining global refining capacity.
Rebecca Babin, senior energy trader at CIBC Private Wealth Group, told Bloomberg that the market has to price risk back in after a brief reprieve, particularly heading into the weekend.
Supply fears also spread to refined products. Diesel futures settled at $4.90 per gallon in New York, and both diesel and gasoline contracts traded at their highest levels for this time of year.
Escalation risks keep traders on edge
Developments in the Persian Gulf remain a key focus. In an interview with Newsmax, Trump declined to rule out using the “Mother of All Bombs” against Iran after the November 3 US midterm elections. CNN reported earlier in the week that the US had developed strike plans that could involve the GBU-43/B bomb.
Eurasia Group analysts raised their estimate of the likelihood of further escalation to 65% from 35%, writing that the standoff is no longer sustainable for the US.
Nigeria energy inflation and petrol prices
Kanyi Daily reports that the prolonged rise in international crude prices has kept pressure on petrol and wider energy costs in Nigeria, although Brent moves do not translate immediately into pump prices. Local prices also depend on refined product prices, exchange rates, refinery costs, distribution expenses and the pricing decisions of refiners and marketers.
Checks by Nairametrics showed most filling stations in Lagos selling petrol at ₦1,380 to ₦1,400 per litre.
Nigeria energy inflation more than doubled year-on-year to 10.85% in September 2026 from 4.69% in August, according to the National Bureau of Statistics (NBS) Consumer Price Index report released on Thursday, October 15. That came even as overall inflation eased to 14.63% from 15.39%, showing how far energy costs have diverged from broader consumer prices.
