US says Hormuz will reopen as Iran deal nears - affects global oil prices

US Secretary of State Marco Rubio declared Monday that the Strait of Hormuz will be opened "one way or another" once an agreement with Iran is reached. Rubio called Iran's tolling system "unlawful, illegal, unsustainable, and unacceptable," claiming no country supports it except Iran itself.

The US diplomat revealed President Biden had "historic call" with regional leaders last week, with "strong alignment" on a preliminary draft deal. Rubio expects an agreement within "couple of days."

This matters for Nigeria as oil-dependent economy - Hormuz closure has pushed Brent crude prices to 6-month highs. Nigeria's oil exports and fuel prices directly affected by these tensions. With fuel currently ₦617/liter in Nigeria, any resolution could ease price pressures.

As Nigeria pushes its own oil production strategy, how should African nations position themselves between US and Iran interests in this critical shipping lane?

SOURCE: https://dailypost.ng/2026/05/26/strait-of-hormuz-will-be-opened-one-way-or-the-other-us/