While a huge accretion to Excess Crude Account is expected, public finance analysts also said the current situation will impact positively on the implementation of Nigeria's 2018 budget which was benchmarked on $45 per barrel and the production of 2.3 million barrels per day.
But Organization of the Petroleum Exporting Countries forecast headwinds to future growth, such as the slow place of oil industry investment and an expected dip next year in investment in USA shale, also known as tight oil.
The chief executive of Sun Global Investment Mihir Kapadia said: "Oil markets have been cautious as the current impact of the USA sanctions on Iran remain unclear, with European and Asian allies continuing to resist Trump's call to pull out of the JCPOA". After prices slipped in Monday morning trade, Brent futures climbed as high as $78.20 a barrel, with WTI climbing close to around $71.13 a barrel.
Experts say a lot will depend on how other major oil consumers respond to Washington's action against Tehran, which will take effect in November.
China, France, Russia, Britain, Germany and Iran all remain in the nuclear accord that placed controls on Iran's nuclear programme and led to a relaxation of economic sanctions against Iran and companies doing business there.
The 14-member OPEC pointed to strong growth in developed and emerging economies in the first quarter. Russia, which is the top producer, pumps about 11 million barrels a day.More news: Juventus clinch seventh consecutive Serie A title after Roma draw
U.S. shale oil production is expected to rise by about 145,000 bpd to a record 7.18 million bpd in June, the U.S. Energy Information Administration said on Monday. "Strong global oil consumption has come up against a 1½ -year-old deal led by OPEC and Russian Federation to manage crude supply among producers".
In China, the world's biggest oil importer, refinery runs rose almost 12 percent in April compared with the same month a year ago, to around 12.06 million barrels per day (bpd), marking the second-highest level on record on a daily basis, data showed on Tuesday.
"Major emerging economies' growth dynamics have thus far counterbalanced this soft spot, and global growth may recover in the remainder of the year due to United States fiscal stimulus and a rebound in OECD growth".
"It should have risen considerably further, driven primarily by the Permian Basin shale play", said a note compiled by Commerzbank analysts.
Prices received a boost last week following President Donald Trump's announcement on May 8 that the USA would withdraw from the Iranian nuclear deal.
The increase was mainly the result of higher crude production in Saudi Arabia - the world's largest crude exporter and the de facto head of OPEC - and Algeria, the report said. After the deal the production grew again and Iran had hoped to grow their output to around 4.7m barrels per day over the next four years.