With Brent crude trading above $105 per barrel—higher than Nigeria’s 2026 federal budget benchmark of $64.85—the price rally would largely bolster the country’s fiscal revenues, foreign exchange reserves and promote naira stability. Analysts posit that a full-scale conflict disrupting the Strait of Hormuz—a chokepoint for about 20 percent of global oil flows—could send Brent prices surging to even $150 per barrel. The development presents opportunity for higher FX inflows for Nigeria, and a brighter future for the naira.