Since the US and Israel launched a joint strike on Iran on February 28, 2026, targeting military assets and leadership, including the killing of Supreme Leader Ayatollah Ali Khamenei, the world has not known peace and the effect on the global oil prices and global world affairs have been significant.
And, since the disruption in the Strait of Hormuz started when Iran announced its closure, effectively blocking maritime traffic and sending global oil and gas prices soaring, things have fallen apart and the centre seems not to be holding in Chinua Achebe's parlance.
Around 20% of the world's oil trade and a third of liquefied natural gas (LNG) shipments normally pass through the strait of Hormuz.
As a result of that unfortunate incident global oil prices which were around $62-71 per barrels surged to a peak of $126 per barrel in early April, with Brent crude trading near $97 per barrel as of April 10, 2026 and the prices kept fluctuating in response to the crisis.
The blockade has caused significant disruptions to global energy supplies, with around 20% of global oil trade affected , even as analysts predict prices could reach $150 per barrel if the blockage continues.
Reports have it that around 1,900 vessels are currently stranded near the Strait of Hormuz due to the conflict, with some estimates suggesting the number could be as high as 2,000 ships, including various types of vessels, such as Bulk Carriers, Oil/Chemical Product Carriers, Petroleum Product Carriers,
Crude Oil Tankers, General Cargo Ships, Container Ships among others.
This means that the world had been almost at a standstill with far- reaching effects on Energy prices, food security and economies worldwide even as the Internatinal Monetary Fund(IMF) and the United Nations Conference of Trade and Development (UNCTAD) warning of devastating impact on global growth , trade and food security.
Back home in Nigeria the most devastating effect is the realisation that the crisis seems to have swept away the gains already recorded with the removal of fuel subsidy as the pump price of fuel which shoot up significantly to as high as N1400 after the fuel crisis removal had started rebounding to a level of about N774 naira per litre or even below ,until it shoot back to the pre US-Israel- Iran war tension. The Trade Union Congress had recently warned that fuel could reach as high as N2,000 per litre if the crisis keeps escalating with more dangers for the generality of the vulnerable populations.
Now that there is a ceasefire brokered by Pakistan with the Pakistani Prime Minister Shehbaz Sharif playing a key role in facilitating talks, the latest source of worry is the Iran threat to impose a toll on ships passing through the Strait of Hormuz reportedly amounting to about $1-2 million per vessel or $1 per barrel of oil, which could generate significant revenue for Iran but also risks disrupting global energy markets.
This is a clear negation of the United Nations Convention on the Law of the Sea (UNCLOS) which supports freedom of navigation, stating that ships enjoy the right of transit passage through international straits, and bordering states shouldn't impede this right.
The implication of this could be far- reaching as complex and protracted global trade disruption is imminent, especially with the fragile peace, with tolls increasing shipping costs, impacting global trade and energy prices further while this would set a dangerous precedents for other countries to impose tolls on strategic waterways.
If Iran imposes tolls on the Strait of Hormuz, the major beneficiaries would be Iran and other oil-producing nations, who would pass on the costs to consumers, reaping a windfall.
In contrast, the common man across nations would bear the brunt, facing higher energy prices, increased transportation costs, and potential economic hardship.
Oil-importing countries, especially developing nations, would also struggle with soaring costs, while Iran's revenue boost would strengthen its position as it could one day wake up and announce more stringent costs.
It's a classic case of winners and losers, with the vulnerable populations worldwide shouldering the burden.
Though,the US and Israel's conflict with Iran has been criticized as a needless war, with the US accusing other nations of inaction, but it is time for the world to rally.
With Pakistani leading the peace move , t's time for major stakeholders – the EU, regional powers like India, China, Japan, and every other nation – to rally and address this crisis once and for all.
The global community must come together to prevent further escalation and protect international peace and security. A stitch in time as the old dictum says, saves nine.
*Waheed Ogunjobi, a public affairs analysts and Media and Strategic Communication Specialist writes from Abeokuta, the Ogun State Capital and can be reached on 08035004742 pr through Waheedogunjobi@gmail.com*
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