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Oil Prices Surge as Iran War Disrupts Global Energy Markets

Olamide

4 Mar, 2026

• Global oil prices have spiked sharply after military conflict in Iran disrupted key supply routes, especially the Strait of Hormuz, which carries about one-fifth of the world’s oil shipments.

• Brent crude and WTI crude rose to multi-month highs amid fears of prolonged instability.

• Analysts warn prices could remain elevated and possibly break above $100 per barrel if disruptions continue.

Stay with NAIJAFAX TV for more updates.

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