Iran–US Tensions Send Global Oil Prices Soaring

The renewed standoff between the United States and Iran is rippling across the world economy. Every flare-up in the Middle East now shows up at the pump, in rising shipping costs, and in tighter household budgets. Iran sits beside the Strait of Hormuz, a key chokepoint where nearly a fifth of the world’s oil passes daily. Even the threat of attacks or blockades there adds a hefty risk premium to crude prices long before any barrels actually stop flowing. Since hostilities resumed this year, oil benchmarks have swung wildly. Brent crude spiked as much as 20% in just weeks. Analysts at leading banks warn prices could top $100 a barrel if disruptions continue, driving fuel costs sharply higher worldwide, including here in Nigeria. With each escalation, pump prices climb and inflationary pressures mount. As global energy markets brace for further tension, consumers everywhere may pay a steep premium for geopolitical risk.

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