Brent crude prices have climbed to a 10-day high, trading above $90 per barrel, as escalating military conflict between the United States and Iran disrupts shipping through the Strait of Hormuz. The ongoing hostilities, which have included repeated US strikes on Iranian infrastructure and retaliatory actions, have forced many tanker operators to suspend transit or navigate in dark mode, heightening global supply concerns. For Nigeria, the price surge provides a substantial fiscal cushion, as Brent is now trading significantly above the federal government’s $64.85 budget benchmark. Furthermore, the risk premium on Middle Eastern oil is driving European refiners toward Nigerian crude grades, which also benefit from consistent production gains and robust domestic demand from the Dangote Petroleum Refinery.