Brent Crude Oil Surges to $110, Threatening Nigeria's Relief

Brent crude oil prices rose to $110 per barrel on October 16, marking the first time since May that prices reached this level. The increase was attributed to renewed attacks on energy infrastructure in the Middle East and Russia, which raised supply concerns and diminished hopes for a sustained price decline.

The global benchmark gained 3.7%, achieving its second consecutive weekly advance. Reports indicated ongoing attacks by Iran-backed Houthi rebels on Saudi Arabia and renewed strikes by Russia and Ukraine on energy infrastructure, raising fears of further disruptions to global oil supplies.

This price surge poses a threat to the 30-day petrol discount recently introduced by the Nigerian government to alleviate rising fuel prices. Market participants are increasingly skeptical about the effectiveness of measures aimed at easing supply constraints.

Rebecca Babin, a senior energy trader at CIBC Private Wealth Group, noted that the oil market is reassessing risk as it heads into the weekend. The National Bureau of Statistics disclosed these developments in its September 2026 Consumer Price Index report.