ABUJA, Nigeria – Crude prices on Monday climb, with Brent nearing $112 per barrel, as threats to shut the vital shipping route—through which a fifth of global oil flows—spark fears of supply disruption.
Trump warns of military action if Iran fails to reopen the strait within 48 hours, stating the US would “hit and obliterate” key infrastructure.
Iran responds with a counter-threat, warning the waterway will be “completely closed” if attacked.
The escalation rattles global markets, with Asian indices plunging and currencies weakening. The International Energy Agency warns of a potential global energy crisis.
IEA chief Fatih Birol says: “The global economy is facing a major threat.”
Analysts caution that prolonged conflict could drive inflation, disrupt food supply chains, and trigger interest rate hikes worldwide.
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