Nigeria's crude oil prices surge past $80 per barrel amid Iran tensions
Nigerian crude oil prices exceeded $80 per barrel following US-Israeli airstrikes on Iran, surpassing the FG 2026 budget benchmark of $64.85. Higher prices boost government revenue despite Nigeria producing below OPEC's quota. Brent Crude reached $83/barrel (24% monthly increase), the highest since mid-2024. Iran retaliated with missile strikes, raising fears about the Strait of Hormuz chokepoint (20% of global oil flows). Market volatility increased as Saudi Arabia and Libya shut down major oil fields, and tanker shortages emerged. Trump's $80 billion insurance proposal failed to calm markets. Persistently high prices risk European recession and Fed rate hikes, while China faces disrupted Iranian oil imports.