Middle East Conflict Sends Oil Prices Soaring, Threatening Sub-Saharan African Economies

Iran is effectively halting roughly 20% of global oil and LNG trade by blockading the Strait of Hormuz, and has succeeded in curbing the production of liquid fuels. - Kenya breaking news | Kenya news today | Capitalfm.co.ke..

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The ongoing Middle East conflict has led to a surge in oil prices, significantly threatening the economies of Sub-Saharan African nations, which are primarily net oil importers.

Oil prices have already climbed 18% in the first four trading days of March, impacting import bills across the region.
Countries like Senegal, Benito, Eritrea, Burkina Faso, and Zambia are identified as facing the greatest economic shocks.
Rising oil and subsequent fertiliser costs could exacerbate food insecurity and lead to higher domestic inflation and borrowing costs, similar to the impact seen after the Russia-Ukraine war.

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