Brent crude has dropped nearly 10% over the past week, falling to $86.28 per barrel as renewed efforts by Iran and Oman to reopen the Strait of Hormuz ease global supply disruption fears. West Texas Intermediate also saw a decline to $80.29. The potential easing of tensions in this critical energy corridor offers potential relief for Nigeria, where elevated global oil prices have driven up domestic fuel and transportation costs. A sustained price moderation could help alleviate the ongoing pressure of high food inflation, which remains a primary concern for the domestic economy.