Oil prices surge 40-50% as Iran blocks Strait of Hormuz
Global oil prices have jumped 40-50% since Iran began attacking shipping in the Strait of Hormuz and launching missile strikes across the Gulf. The waterway, through which a fifth of global crude oil passes, remains effectively closed by Iran in response to the US-Israel war launched February 28. France has offered to escort ships through the strait once the situation calms, but only alongside other nations. US President Trump criticized allies for not committing to reopening the strait, warning it could damage NATO unity. Britain and Germany ruled out NATO involvement, while Japan, Australia, Poland, Spain, Greece and Sweden also distanced themselves from military action. Nigeria's oil-dependent economy faces potential inflation impacts from the price surge.