Nigeria, April 7 -- The ongoing war that the United States and Israel are waging on Iran has sent shockwaves across global energy markets, with far-reaching consequences for economies worldwide.

African countries are not exempt. Despite being far removed from the war zone, even major oil producers like Nigeria are grappling with the fallout from surging crude prices following Iran's closure of the Strait of Hormuz - a critical route that accounts for about 20 per cent of global oil supply.

The disruption has pushed crude prices above $100 per barrel, exposing both oil-importing and oil-producing countries to economic strain.

According to the International Energy Agency (IEA), the conflict has triggered one of the largest supply disrupt...