Bonny Light crude has neared the $95 per barrel mark, driven by escalating geopolitical tensions in the Middle East and concerns over transit through the Strait of Hormuz. While supply risks support prices, potential rallies remain constrained by broader macroeconomic demand factors, particularly cooling demand from China. Domestically, Nigeria’s crude production dipped slightly to approximately 1.5 million barrels per day due to operational challenges at major fields, though output remains near the nation’s OPEC quota floor. Analysts continue to monitor global supply forecasts as the market balances supply tightening against revised demand projections from the IEA and OPEC.