Nigeria, March 1 -- As the United States and Israel escalate military action against Iran, analysts warn that the consequences could extend far beyond the Middle East - with implications for global oil markets, inflation and cost of living in countries such as Nigeria.

Israel and the US launched missile strikes on Iran on Saturday. The strikes came two days after Iran and the US held indirect discussions over Tehran's nuclear programme - echoing a similar episode last June when Israel struck Iran midway into negotiations between Iran and the US.

The renewed escalation is already reverberating across global energy markets. Brent crude rose by 3.66 per cent to trade at about $73 per barrel.

With concerns mounting over the strategic Strai...