Summary: Gist just landed! US President Trump has blocked a major Iran port and this could mean trouble for global oil prices. See how this American-Iranian wahala might affect your pocket here in Nigeria.
My people, things just got serious for world market o! News reaching us is that the former Oga at the top for America, Donald Trump, has decided to shake table again. This time, he is facing Iran squarely.
Reports say Trump has announced a fresh blockade on Iranian ports. In simple terms, he has practically locked the gate for ships going to or coming from Iran through the major “expressway” for oil tankers, the Strait of Hormuz. Think of it like someone blocking the entrance to Apapa port for certain containers – kasala go burst!
According to the announcement, no ship belonging to Iran or doing business with Iran will be allowed to pass. E be like say the man just vex, say “everybody go your tent!”
But Wait, There’s More… International Toll Gate?
As if blocking the road was not enough, Trump also said that any cargo that insists on passing through that area must pay a ‘small’ something – a whole 20% charge! Can you imagine? It’s like setting up a new international toll gate on the high seas. Na so we see am o!
So, How This Matter Concern Us for Naija?
Ahn ahn, you suppose know by now! When two elephants fight in the Middle East, na our oil price dey feel the vibration here.
1. The Good News (for Government): The Strait of Hormuz is where a large chunk of the world’s oil passes through. If there is wahala there, the price of crude oil in the international market will likely shoot up. This means the Nigerian government will earn more dollars from the crude oil we sell.
2. The Bad News (for Us): Hold on before you start celebrating. When crude oil price goes up, what happens to the price of petrol at the filling station? E dey go up! The price of diesel for generators and trucks will follow. Before you know it, the price of tomatoes, pepper, and transportation will start climbing because, as you know, everything in Nigeria depends on fuel.
So, as Trump and Iran are doing their own power show, na we for here go dey calculate how market go be next week.
Make we just dey watch this film as e dey unfold. Will this move cause serious gbege, or will it all blow over? More importantly, how do you think this will affect your own pocket?
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