"Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace," Trump posted on Truth Social on Sunday night. Africa on tenterhooksSurging oil prices are also rippling across African economies, threatening higher fuel costs, rising inflation and renewed pressure on currencies across the continent. The impact of higher oil prices across Africa will be uneven. Nigeria exports roughly 1.5 million barrels of oil per day and has based its medium-term fiscal framework on oil prices between $64 and $66 per barrel through 2028. "Still, higher oil and gas prices are expected to filter into inflation in the coming months," Montalto said.

Source: The Telegraph March 09, 2026 08:40 UTC