**Oil Prices Skyrocket as Iran Vows Revenge after Attack on Oil Facilities** The global oil market is in chaos as Brent crude prices hit a new high of over $110 a barrel, following a coordinated attack by Israel and the United States on Iran's oil facilities. The strikes, which targeted Iran's South Pars gas field, have sparked a fierce response from Iran, which has vowed to retaliate against energy facilities in Saudi Arabia, the UAE, and Qatar. The attack on the South Pars gas field, which is shared with Qatar, has disrupted global energy supplies, leading to a surge in oil prices. Qatar, which relies heavily on the gas field to supply a significant portion of the world's liquefied natural gas (LNG), has condemned the strikes as "irresponsible" and "dangerous". Iran, on the other hand, has threatened to escalate the conflict "in new ways", listing specific targets including Saudi Aramco's Samref refinery and the Al Hosn gas field in the UAE. The Strait of Hormuz, a critical waterway that handles about 20% of global oil and gas flows, remains closed, exacerbating the oil price rally. The International Energy Agency (IEA) has released a record 400 million barrels from its emergency reserves, while the US has committed to tapping 172 million barrels from its Strategic Petroleum Reserve. Despite these efforts, oil prices continue to soar, with gas prices in Nigeria nearing a dollar increase since the conflict began. The oil price surge has significant implications for Nigeria, which relies heavily on oil exports to drive its economy. A prolonged closure of the Strait of Hormuz could lead to a shortage of oil supplies, driving up prices and impacting the Nigerian economy. The Nigerian government has yet to comment on the situation, but experts warn that the country needs to be prepared for potential oil price shocks. Meanwhile, British military experts have been sent to the US to work on reopening the Strait of Hormuz, a critical step in restoring global oil supplies. The situation remains volatile, with Iran's vow to retaliate against energy facilities in the region sparking concerns of a wider conflict. As the situation unfolds, one thing is clear: the global oil market is on high alert, and Nigeria's economy is likely to feel the impact.