Iran exempts Iraq from Hormuz blockade as oil hits $111, US militarizes Gulf

Here's the deal: Iran just exempted Iraq from its Hormuz Strait restrictions, calling Baghdad a 'brotherly' nation while the blockade still targets 'hostile countries.' This comes as WTI crude hits $111 per barrel—near a four-year high—with Brent above $109, and analysts warn of $150–$200 if tensions persist. The Strait normally handles 15-20 million barrels daily, so even Iraq's exemption doesn't calm markets.

For Nigeria, this is a direct hit. Higher crude prices mean higher fuel import costs, likely pushing pump prices up and fueling inflation. The naira could face more pressure as forex demand rises for fuel payments. Nigeria's own local refining efforts (like Dangote Refinery) may gain strategic importance in buffering import shocks.

The U.S. has deployed more troops and assets to the Gulf, with Trump giving Iran a 48-hour ultimatum and claiming strikes eliminated Iranian military leaders. Iran denies downplaying Pakistan's peace efforts and warns of radioactive fallout from repeated Bushehr Nuclear Plant bombings.

So what should you know? Higher fuel prices are coming—maybe within weeks. Transport costs, food prices, and general living expenses will rise. Will you cut non-essential travel, switch to public transport, or demand faster local refining to shield Nigeria? The government hasn't announced any protective measures yet, so individual budgeting and advocacy matter now.

SOURCE: https://dailypost.ng/2026/04/05/iran-exempts-iraq-from-hormuz-restrictions-as-oil-hits-111-pb/