Oil Prices Extend Rally as US–Iran Conflict Escalates, Markets Brace for Impact

LONDON — Oil prices extended a rally this week as the US–Iran conflict escalated, with global markets bracing for economic fallout, according to Kurdistan24 and other financial reporting.

The move follows a fresh round of US strikes on Iran and renewed threats to shipping through the Strait of Hormuz, a chokepoint for roughly a fifth of the world's oil supply. Traders cited in coverage warned that sustained disruption could push crude higher and feed through to fuel and freight costs worldwide.

The International Energy Agency has previously cautioned that supply shocks in the Gulf ripple quickly into consumer prices. For African economies, the effect is split: exporters such as Nigeria and Angola stand to gain revenue, while net importers face costlier energy and inflation pressure.

Price levels and the size of the move could not be independently verified against a primary exchange feed in this pass; reported as cited.

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