Nigeria, March 10 -- Following the rising Middle East conflict involving Israel, the United States, and Iran, crude oil prices jumped recently.

Following attacks on vital energy infrastructure and disturbances near the Strait of Hormuz, an important shipping route carrying a sizable share of the world's oil supply, the situation grew more serious.



According to market analysts, the rise in crude oil prices could have varied effects for oil-producing nations, including Nigeria. Although higher oil prices may increase state income, if not properly controlled, the gains could also put upward pressure on inflation.



The News Chronicle gathered that the rapid increase in oil prices has already shaken world financial markets. Asian and ...