MON MAR 09 2026-theGBJournal| Escalating geopolitical tensions in the Middle East drove global crude oil prices above the $100 per barrel mark on Monday, triggering renewed optimism over Nigeria’s revenue prospects and fiscal projections.
The surge reflects growing fears of supply disruptions from one of the world’s most critical oil-producing regions, sending energy markets sharply higher.
The rally in oil prices comes at a critical time for Nigeria, Africa’s largest oil producer, whose Oil Price Benchmark for the 2026 budget is set US$64.85 per barrel.
International benchmark Brent Crude is currently, up to as much as $104.76 per barrel.
The West Texas crude futures were up nearly 12% to $102,28 per barrel, well above the $100 mark for the first time since mid-2022, at the onset of the Russian war on Ukraine.
While the price surge offers potential upside for Nigeria’s fiscal position, analysts say the ultimate benefit will depend on the country’s ability to boost production levels.
The Federal Government set Daily Oil Production projection at 1.84 million barrels in the 2026 budget.
However, persistent output constraints, including pipeline vandalism and underinvestment in upstream infrastructure, continue to limit the country’s capacity to fully capitalize on favorable oil market dynamics.
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