Rising global oil prices triggered by the Iran war are increasing economic pressures across Africa, where most countries rely heavily on imported petroleum products. Analysts warn the conflict could drive higher fuel, food and transport costs while weakening currencies and straining foreign exchange reserves.
Kansas City airport reopens hours after an evacuation as a potential threat was investigatedFederal judge rules Trump administration's actions to dismantle Voice of America are illegalNFL's free-agent spending frenzy begins first with a legal tampering periodAP Entertainment WireViral phenomenon in Argentina has young people identifying themselves as animalsInjured mother manatee and calf are rescued in Florida and taken to SeaWorldRetirement savings plans can be used to fund a home down payment.
But should you?The World in PicturesColorectal cancer is rising in younger adults. Here's who is most at risk and symptoms to watch forTrump administration's embattled FDA vaccine chief is leaving for the second timeOne Tech Tip: Don't use rice for your device. Here's how to dry out your smartphoneConservative Anglican leaders restructure organization in break from traditionsExplosiones sacuden Teherán e Israel es atacado, mientras que EEUU advierte de mayores bombardeos But should you?The World in PicturesColorectal cancer is rising in younger adults. Here's who is most at risk and symptoms to watch forTrump administration's embattled FDA vaccine chief is leaving for the second timeOne Tech Tip: Don't use rice for your device. Here's how to dry out your smartphoneConservative Anglican leaders restructure organization in break from traditionsExplosiones sacuden Teherán e Israel es atacado, mientras que EEUU advierte de mayores bombardeosThe sun sets behind a plume of smoke rising after a U.S.–Israeli military strike in Tehran, Iran, Tuesday, March 3, 2026. The sun sets behind a plume of smoke rising after a U.S.–Israeli military strike in Tehran, Iran, Tuesday, March 3, 2026. The sun sets behind a plume of smoke rising after a U.S.–Israeli military strike in Tehran, Iran, Tuesday, March 3, 2026. triggered by the war with Iran are rippling across African economies, threatening higher fuel costs, rising inflation and renewed pressure on currencies across the continent. Africa imports most of the petroleum products it consumes, leaving many economies highly vulnerable to supply disruptions tied to tensions in“Africa is a net importer of oil products, meaning it is heavily exposed to shocks like these,” said Nick Hedley, an energy transition research analyst at Zero Carbon Analytics. When global oil supplies tighten, Nedley said, prices rise while African currencies often weaken as investors move funds into safe-haven assets such as the U.S. dollar. That combination amplifies the impact of price spikes in import-dependent markets such as Kenya and Ghana. A similar dynamic unfolded after Russia’s full-scale invasion of Ukraine in 2022, when rising crude prices and a weakening currency pushed transport fuel prices in South Africa up by more than 25% within six months, Hedley said. “The near-term risks come from mainly the rising oil prices and weakening exchange rates as investors move to safe-haven assets,” said Oxford Economics senior economist Brendon Verster. Oil markets remain particularly sensitive to the conflict because of the strategic importance of the Strait of Hormuz, a narrow shipping corridor through which about a fifth of the world’s crude passes.Countries like Kenya and Uganda say their supply remain stable even as they work on ensuring continuity. Nigeria and Ghana produce crude oil but import most of their refined petroleum products, limiting the benefits to them of higher global prices. “It’s difficult to say at this point whether they will see net gains,” Hedley said. “Oil producers could benefit from higher crude prices, but ordinary citizens will likely face higher transport and fuel costs, and potentially higher interest rates.” Still, sustained high prices could bring a windfall for Africa’s major oil exporters. Verster noted that Nigeria exports roughly 1.5 million barrels of oil per day and has based its medium-term fiscal framework on oil prices between $64 and $66 per barrel through 2028. The war pushed prices above $100 per barrel Monday, a level that if sustained, would significantly boost revenues for exporters including Angola, Algeria and Libya.“This is a serious concern,” Hedley said, noting that most food and goods across Africa are transported by road. “Rising fuel costs therefore feed quickly into broader inflation and reduce household purchasing power.” Peter Attard Montalto, managing director at South African advisory firm Kruthan said the crisis is also testing African economies. “So far the impact has really been muted, for countries like South Africa,” he said, noting that recent economic reforms have helped stabilize the country’s currency and bond markets. “Still, higher oil and gas prices are expected to filter into inflation in the coming months,” Montalto said. Countries already operating under programs from the International Monetary Fund could face additional strain as energy import bills drain scarce foreign exchange reserves. Among the most vulnerable, analysts warn are Sudan, The Gambia, Central African Republic, Lesotho and Zimbabwe. Over the longer term, analysts say the crisis may reinforce calls for African nations to diversify their energy systems and reduce dependence on imported fuels. “It makes strategic sense for African countries to ensure long-term energy security and sovereignty,” said Kennedy Mbeva, a research associate at the Centre for the Study of Existential Risk at the University of Cambridge.The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP’s
Energy Industry Africa International Trade General News International News Tariffs And Global Trade Nick Hedley Business Climate And Environment Iran Economy Personal Finance Peter Attard Montalto Iran Government 2024-2026 Mideast Wars Brendon Verster World News Kennedy Mbeva Climate World News
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Iran war threatens Trump's affordability push as rising energy prices complicate Fed rate cutsAllie Canal is a business reporter for NBC News.
Read more »
Trump Pays Respects to Soldiers Killed in War with Iran Amidst Rising TensionsPresident Donald Trump attended a dignified transfer ceremony for six U.S. soldiers killed in a drone strike in Kuwait. The soldiers were members of the 103rd Sustainment Command. Trump's visit occurred as the war with Iran enters its second week, with Trump issuing warnings of 'complete destruction' against Iran.
Read more »
Trump Honors Slain Soldiers Amid Rising Tensions with IranPresident Trump attended a dignified transfer for six U.S. soldiers killed in a drone strike in Kuwait, as tensions with Iran escalate into a second week of war. Trump warned of severe consequences for Iran while Iran's foreign minister responded with defiance.
Read more »
Iran's Leadership Transition Amidst Escalating Regional Tensions and Rising Gas PricesIran is preparing to announce a new supreme leader as regional tensions rise, coinciding with a surge in gasoline prices in the United States. The Trump administration addresses concerns over rising gas prices, while acknowledging the impacts of the conflict. The war has also led to casualties, including an attack on an Iranian warship and fatalities in Saudi Arabia.
Read more »
The unlikely tool Trump is eyeing to tackle rising oil prices amid the Iran conflictFox News Channel offers its audiences in-depth news reporting, along with opinion and analysis encompassing the principles of free people, free markets and diversity of thought, as an alternative to the left-of-center offerings of the news marketplace.
Read more »
War in Iran cuts tanker traffic through Strait of Hormuz, sending gas prices surging in WAFilling up is taking a bigger chunk of your paycheck in our area.The rising prices are being blamed on the war in Iran shutting down the flow of oil in tankers
Read more »