US-Israel strikes on Iran raise oil prices, impact Nigeria

US and Israel launched Operation Epic Fury against Iran, degrading its proxies in Lebanon, Gaza, and Yemen. The strikes targeted nuclear facilities and missile sites, setting back Iran's nuclear program and proxy capabilities. While Iran retaliated by threatening oil shipments through the Strait of Hormuz, pushing global oil prices up, Nigeria's economy faces potential inflation and higher fuel costs. The US's oil independence reduces its Middle East dependence, but rising prices could strain Nigerian households and the naira. Nigerians should monitor fuel prices and consider energy efficiency measures.

SOURCE: https://www.premiumtimesng.com/opinion/862511-iran-oil-and-naked-power-by-uddin-ifeanyi.html