4 articles tagged with “supply disruption”
Iran's effective blockade of the Strait of Hormuz following US-Israeli strikes has triggered a 40% spike in crude prices, forcing central banks to raise rates and threatening fuel supply chains across Asia and Africa.
Escalating conflict in the Gulf has triggered sharp oil price increases, with South Africa bracing for record fuel price hikes and supply disruptions as regional tensions threaten critical shipping routes.
Crude prices jumped 30% Monday following Iran's appointment of hardline supreme leader Mojtaba Khamenei and escalating US-Israeli military operations targeting Iranian energy assets, with major producers cutting output amid supply disruption fears.
WTI crude jumped 19.54% to $108.66 per barrel Monday as Middle East tensions escalated, while Nigerian petrol prices climbed to ₦1,150/litre amid supply concerns at Dangote refinery.