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Oil Price Surge
Oil prices surge above $100 a barrel, hurting African economies. The price hike affects fuel, a staple commodity.
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Ibrahim Hassan
East Africa Bureau Chief
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REVIEWED BY PULSEAFRICA EDITORIAL TEAM
Introduction. The recent attacks by the US and Israel on Iran have upended key supply chains, driving oil prices above $100 a barrel. The spike followed Iranβs closure of the Strait of Hormuz in response to the US and Israeli action. ## Effects on Africa. The universal fear is the effect the rise in prices is having on fuel, a staple commodity in every one of the countries for ordinary people as well as industries.
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#oil#iran#africa#economy#crisis
SOURCES & REFERENCES
This article was researched and compiled by the PulseAfrica editorial team using information from international news sources including Reuters, BBC Africa, Al Jazeera, AFP, and local African media outlets. PulseAfrica is committed to accurate, balanced and independent journalism covering all 54 African nations in three languages.
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