Global oil supply don enter serious wahala as Iran shut down Strait of Hormuz for ships wey violate rules, after 4 oil tankers catch fire for the strait.
The incident happen on Thursday-Friday, October 30, 2026. According to reports, four oil tankers hit mines for Strait of Hormuz and catch fire. UK Maritime Trade Operations (UKMTO) confirm one tanker on fire and one dhow sink near Oman.
Iran claim say the ships disable their radar and navigation systems and ignore warning from Revolutionary Guards navy. Tehran also say dem capture one American drone for the area.
This na after Houthis attack Saudi biggest refinery Ras Tanura and Rabigh refinery on Thursday, wey make Brent crude jump to $116.08 per barrel.
Strait of Hormuz na the most important oil route for the world — about 20% of world oil dey pass there everyday. Any closure mean oil price go jump from $116 to $130 or more, experts talk.
Iran don close the strait to "violating" ships, meaning any ship wey no follow Iran rules no go pass. US Navy don deploy warships to the area.
For Nigerians, this mean fuel price fit increase again next week if closure continue, and transport fare go rise.
US, UK and EU don call for emergency G20 meeting for Atlanta to discuss the crisis as US midterm elections dey 4 days away.
Oil market don enter panic mode as traders dey fear global energy crisis before winter.
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