Iran attacks Gulf ships, oil prices surge; Nigeria watches economic impact

Iran's attacks on commercial ships in the Gulf caused oil prices to surge over 5% globally, with markets fluctuating since US-Israel strikes killed Iran's leader. The Strait of Hormuz, carrying 20% of world oil and gas, faces threats that could devastate global supply chains, particularly affecting Asia and Europe. Nigeria, a major oil exporter, may see economic relief if prices stabilize, though government measures remain unclear. The G7 and Japan consider releasing strategic reserves to counter rising costs, potentially easing pressure on Nigerian consumers.

SOURCE: https://www.channelstv.com/2026/03/11/trade-ships-attacked-as-iran-threatens-gulf-oil-chokepoint/