“The escalation of the regional conflict into a global energy strategic chokehold has seen the Strait of Hormuz closed — the first time this has occurred since the 1970s.”

“Bloomberg estimates that 4.5% of the total value of global containerised trade passed through the Strait of Hormuz before the conflict.”

“Brent crude oil reaching an unprecedented peak of $126 (R2,100) per barrel in March 2026.”

“A Reuters report projected that by the end of the year, the demand for oil will have outpaced supply by an average of 750,000 barrels.”

“A report published earlier in April by the Australia and New Zealand Banking Group estimated that nine-million barrels per day of crude supply had been effectively wiped out from the markets.”

“Kenya, Ethiopia and Zambia have all reported oil shortages, with Kenya implementing administrative price freezes; Ethiopia instituting the strict prioritisation of oil supplies for essential vehicles, and Zambia imposing large-scale tax suspensions to compensate for increased prices.”

“Nigeria, Africa’s largest oil producer, only has capacity to meet 33% of Africa’s demand.”