Oil Prices Surge as US-Israel-Iran Tensions Escalate

Oil prices have climbed above ₦1,000 amid growing conflict between the US, Israel and Iran. Some observers focus on missile power and casualty figures, but the real concern is the impact on the global economy. If hostilities continue, Nigerian pump prices could hit ₦1,500 or more. Thanks to the Dangote Refinery, we have some relief, but without it prices might breach ₦2,000. Iran and Israel have been adversaries for decades, so a direct clash was always possible. Yet Iran’s strikes on Gulf neighbours like the UAE and Saudi Arabia raise big questions. How and when these proxy wars will end remains unclear, and global powers will play a key role.

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