Nigerian crude prices have surged to a 10-day high, driven by renewed disruption to shipping routes through the Strait of Hormuz following a fresh round of US military strikes on Iran.
The escalation marks a sharp reversal from the easing tensions that had previously allowed oil prices to slide toward multi-month lows.
The price jump underscores how quickly geopolitical risk can re-enter energy markets.
Just days ago, traders were unwinding the Hormuz risk premium as US-Iran diplomatic talks advanced and shipping flows appeared to stabilize.
Now, the resumption of hostilities has forced a rapid repricing of supply security, with Brent crude also climbing sharply in response to the threat of further transit interruptions.
This development contradicts the recent narrative of de-escalation.