US EditionUS-Israel war with Iran sends shockwaves through global business
The conflict has caused a 20% surge in oil prices and disruptions in Gulf transit routes, leading to production cuts and rising costs for global industries, insurers, and markets.
- On Monday, crude oil topped over $100 per barrel amid the war with Iran, and that surge is already rippling across African economies, affecting fuel markets continentwide.
- Tensions around the Strait of Hormuz narrowed supply as Iran's threats to vessels and output cuts by Iraq, United Arab Emirates and Kuwait tightened available crude.
- Most African countries import refined fuel, making them vulnerable as rising costs feed quickly into broader inflation and reduce household purchasing power, while Nigeria exports roughly 1.5 million barrels per day with budget plans tied to moderate oil prices.
- Countries with IMF programs could face foreign-exchange pressure as energy import bills rise, while sustained high crude prices could boost revenues for Angola, Algeria and Libya; vulnerable countries include Sudan, The Gambia, Central African Republic, Lesotho and Zimbabwe.
- Analysts say the shock could accelerate energy diversification as Kennedy Mbeva, research associate at the Centre for the Study of Existential Risk, urges balancing short-term fiscal pressures with long-term clean energy investments.
77 Articles
77 Articles
How the Iran war set off a week of oil price swings, and what comes next
The price of a barrel of oil has been on a roller coaster ride as the war with Iran enters its second week. U.S. officials are looking to bring down prices, but proposed solutions face serious headwinds, according to industry analysts. Amid the conflict, oil tankers are avoiding the Strait of Hormuz, which typically sees 20% of the world’s daily oil supply. Higher oil prices have translated to price surges at gas pumps, with the average cost of…
Oil prices jump 7% on Iran war, settle at highest since 2022 | Honolulu Star-Advertiser
NEW YORK >> Oil prices jumped about 7% today to settle at their highest since 2022, after soaring by as much as 29% during the session as Saudi Arabia and other OPEC members cut supplies during the expanding U.S.-Israeli war with Iran.
Iran conflict sends shockwaves through African fuel market and economies
Surging oil prices triggered by the conflict with Iran are rippling across African economies, threatening higher fuel costs, rising inflation and renewed pressure on currencies across the continent.
Crude prices spike near $120 a barrel
OIL prices spiked near $120 per barrel before falling back Monday as the Iran war intensified, threatening production and shipping in the Middle East and pummeling financial markets.The price for a barrel of Brent crude, the international standard, surged to $119.50 per barrel early in the day but later was trading at $107.80 per barrel.West Texas Intermediate, the light, sweet crude oil produced in the United States, spiked at $119.48 per barre…
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