Iran's Hormuz blockade pushes oil prices up, threatens Nigeria's economy

Iran's attacks on shipping in the Strait of Hormuz have closed the strategic waterway, spiking global oil prices to new highs. The closure disrupts 25% of world seaborne oil and 20% of LNG, driving prices up 14% to ₦617/liter. This directly impacts Nigeria's economy as a major oil exporter, with potential fuel price hikes and inflation. UAE's Ruwais refinery shutdown and Qatar's LNG export suspension exacerbate global shortages. UN warns this could raise food and fuel costs for vulnerable populations. Nigeria should monitor prices and consider alternative energy sources.

SOURCE: https://www.channelstv.com/2026/03/10/iran-rules-out-ceasefire-as-trump-steps-up-threats/