Nigerian crude prices closed largely flat as investors weighed the chances of a potential US–Russia deal to end the Ukraine conflict winning global backing and meaningfully affecting Russian oil exports.

Bonny Light edged up to $68.85 per barrel, snapping a six-day losing streak.

Talks between Washington and Moscow reportedly aim to secure recognition of Russia’s control over territory captured during the invasion.

This week, the Trump administration imposed a 50 per cent tariff on imports from India — one of the highest rates for any nation — plunging bilateral relations into severe turmoil.

The tariff increase comes after meetings in Moscow on Wednesday between Trump’s top envoy, Steve Witkoff, and Russian officials, aimed at brokering peace between Russia and Ukraine.

Delhi has previously condemned Trump’s threat to raise tariffs over its purchase of Russian oil, calling it “unjustified and unreasonable.”

After three months of gains, oil prices fell more than 7% in August, deepening market pessimism as peak summer demand waned. With OPEC+ easing supply curbs, investors are bracing for a potential surplus later in the year.

In Nigeria, indigenous oil companies are expanding their presence in the upstream sector as international majors retreat and onshore stability improves. Stronger onshore output and fewer pipeline disruptions pushed July’s production to an average of 1.8 million barrels per day — the highest in over five years.

Improved flows to the Ugo Ocha terminal have also boosted exports, which recently climbed to 65,000 barrels per day.