Oil Prices Stabilise But High, With Global Energy Crisis Looming

Oil prices stabilised this week after US-Iran peace talks, with Brent crude at $103.25 and WTI at $91.41. While markets reacted positively to diplomatic progress, the virtual closure of the Strait of Hormuz—through which 20% of global oil flows—continues to threaten energy security. US President Trump backed down from threats to destroy Iran's energy infrastructure, but Tehran's state TV reported officials presented five conditions for ending hostilities. The conflict could cause the worst industrial crisis in decades, with fertiliser supply disruptions threatening global food security. Nigeria should monitor oil prices affecting the Naira exchange rate and fuel costs, while fertiliser scarcity may increase food prices. Will the Strait reopen before Nigeria's food inflation worsens?

SOURCE: https://www.channelstv.com/2026/03/26/oil-edges-up-equities-mixed-amid-mixed-messages-on-talks/