Author: admin

The global economy cost of Iran-Israel-US war

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The escalating Iran-Israel-US war, now in its second week as of March 3, 2026, threatens to unleash profound shocks on the global economy through surging energy prices and disrupted trade routes. With Iran closing the Strait of Hormuz and retaliating against US and Israeli targets, world leaders must prioritize de-escalation to avert a full-blown recession.

Conflict Overview

Joint US-Israeli strikes began on February 28, assassinating Iran’s Supreme Leader Ali Khamenei and targeting military sites in Tehran and Beirut, prompting Iranian missile attacks and a de facto shutdown of the Strait of Hormuz. President Trump has signaled a campaign lasting “four to five weeks,” while Israeli PM Netanyahu insists it “won’t take years,” but casualties exceed 700 in Iran alone, with US losses mounting. This rapid escalation has already stranded over 150 oil tankers, halting 20% of global oil and significant LNG flows.

Energy Market Turmoil

Brent crude has spiked over $10 per barrel to nearly $80, with analysts forecasting $100-$150 if disruptions persist beyond weeks, as Iran targets Gulf energy infrastructure and tankers burn in the strait. Qatar halted LNG production, pushing European gas prices toward 2022 peaks and amplifying supply fears for Asia’s major importers like China and India. Prolonged closure risks stagflation, with every $10 oil rise potentially adding 0.5% to global inflation.

Financial Market Reactions

Global stocks plunged initially—India’s Sensex dropped nearly 1,000 points—with S&P 500 seesawing to flat amid risk-off trades, while gold and defense stocks surged as safe havens. Crypto and emerging markets face volatility from dollar strength and higher US rates if inflation sticks. Forecasts warn of compounded shocks: logistics delays via Cape of Good Hope reroutes add weeks and costs to trade.​

Sector Short-Term Impact Prolonged Risk
Oil/Gas +10-13% prices ​ $120+/bbl, shortages ​
Stocks -1% drops, recovery in tech ​ Recession if >$100 oil ​
Inflation +0.3-0.9% in US/EU/China ​ Stagflation drag on growth ​

Emerging Markets Strain

Oil importers like Nigeria face dual edges: higher crude boosts export revenues and reserves, but fuel prices could hit ₦1,000/liter, fueling inflation and import costs. Gulf states risk $730bn-$1tn losses from stalled FDI and tourism, while broader MENA growth dips to 2.8%. A regional war could shrink global GDP by 1.7% in Q3.

Call for Restraint

This war’s economic fallout—higher inflation, eroded confidence, and trade chaos—demands urgent diplomacy over escalation. Policymakers worldwide, including in oil-dependent Nigeria, should diversify energy sources and stabilize markets now, lest short-term spikes become enduring pain.

Benue Government Begin Resettlement for Yelewata Attack Victims

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My people, big news dey drop from Benue side! Na so the state government don kick off resettlement for victims wey dem attack for Yelewata back in June 2025. Mrs. Deborah Aber, wey be the Secretary to the State Government, don yan this for press conference wey happen for Makurdi dey shine light on wetin dey go down.

Aber, wey also dey run the Technical Committee for the Donations for IDPs, talk say dem don gather about N1.275 billion as donations from four generous benefactors. Na big money o! She mention some of dem be like Sen. Oluremi Tinubu wey drop N1 billion, Nassarawa State Government wey contribute N150 million, United Bank for Africa wey give N100 million, and DSS Director General wey add N25 million. All these money no dey go just Yelewata victims alone, e dey aim to support all victims across the state.

As the Governor, Hyacinth Alia, don establish the committee, dem suppose make sure say the funds go meet the exact needs of the people. Aber go further yarn about how dem don break down the money for different areas wey dey need am: N56 million for cash transfer, N224 million for food and nutrition, N125 million for WASH (water, sanitation and hygiene), N277 million for resettlement and many more…

Aber explain say with their international partners, dem don create model wey dey acceptable globally for resettlement. Dis one wey dey involve settling victims close to dem original places, so dem fit return go their farmland and life go fit return to normal. Dem don earmark land and plan to build 60 houses for those wey suffer the attacks, although she admit say the 60 houses no fit contain all the IDPs wey dey there.

As we dey talk, 38 of those houses wey get two bedrooms don dey roofing stage, with three don don complete. The aim na to ensure say these displaced people fit dey live better life dey close to their homes. Aber talk say dem also don do mapping of who fit benefit from the scheme to make sure say help go reach the people wey really need am.

On top healthcare matter, she announce say 5,883 IDPs don enroll for Benue State Health Insurance. Each of dem don get N10,000 premium paid to make sure say dem fit access medical care whenever dem need am. Wetin sweet pass be say dem don still provide clean water for some communities wey dey affected by the attack.

For education matter, the money wey dem allocate don build four classrooms for Yelwata and dem don supply textbooks plus bags for the children wey go school. Aber even thank their partners, talk say UNHCR dey construct world-class clinic for Yelewata, na big step in the right direction.