Global oil prices climbed above the $100-per-barrel mark on Wednesday for the first time since late July, driven by a sharp escalation in hostilities between the United States and Iran that heightened fears of further disruptions to crude supplies. According to Oilprice.com, Brent crude, the international benchmark, rose to around $101.20 a barrel, up more than 3 per cent on the day, after briefly surging past the psychological $100 threshold earlier in the session. The United States benchmark, West Texas Intermediate, traded near $96 a barrel. The rally followed the latest phase of military exchanges in the Middle East. The US Central Command announced that American forces had destroyed five Iranian crude oil carriers, four in the Gulf of Oman and one near Kharg Island, in response to ballistic missile attacks by Iran’s Islamic Revolutionary Guard Corps on a US Navy warship. Iran retaliated by firing ballistic missiles towards US forces stationed at Jordan’s al-Azraq Air Base. Jordan’s Armed Forces said they intercepted 18 of the 20 missiles, with the remaining two landing in unpopulated areas and no casualties reported. The IRGC also claimed attacks on US vessels and oil tankers, though these claims remain unverified. The escalation comes on the heels of Houthi attacks on energy facilities in southern Saudi Arabia, which forced the kingdom to halt operations at several sites. For Nigeria, the surge in oil prices presents a significant revenue opportunity for the government. The current levels of Brent and other benchmarks are well above the $64.85 per barrel benchmark used in the 2026 federal budget. Higher crude prices could boost government earnings from royalties, taxes, and oil-related revenues if sustained. However, the rise in oil prices has been the reason for the sharp rise in petrol prices, from an average of N830 in February to N1,310 as of the time of this report.