Middle East War Disrupts Oil Supply, Raising Prices in Nigeria
Saudi Aramco CEO Amin Nasser warned Tuesday that Iran's attacks on Gulf energy infrastructure could cause catastrophic oil market disruptions, with the Strait of Hormuz closure affecting 20% of global supplies. Qatar also warned of worldwide economic repercussions. Attacks on facilities including Aramco's Ras Tanura refinery and Abu Dhabi's Ruwais Industrial City have already forced QatarEnergy to halt LNG production and Kuwait to declare force majeure. While Nigeria isn't directly targeted, the conflict threatens global oil prices through reduced Gulf supply, potentially increasing costs for Nigerian consumers and impacting the economy. Aramco reported 12.1% lower 2025 net income due to these disruptions.