In a development that will reshape Nigeria’s economic outlook this week, Iran’s Foreign Minister has declared the Strait of Hormuz completely open for all commercial vessels, in line with a Lebanon ceasefire agreement. This is the news Nigeria’s Airline Operators of Nigeria (AON) and the millions of passengers facing a Monday flight shutdown have been waiting for. Aviation fuel prices surged 300% — from ₦900 to ₦3,300 per litre — entirely because of the Hormuz blockade. With the strait open, Brent crude will begin falling from above $100 immediately. The critical question for Nigeria is how quickly the drop filters through to Jet A1 prices at the gantry before Monday’s April 20 shutdown deadline. The FG has already called an emergency summit for April 22 — one day after the AON’s shutdown would take effect. Iran also stated that it rejects any temporary ceasefire and is seeking a comprehensive end to the war across the region, so the opening may not be permanent.