The attacks by the US and Israel on Iran, which started on 28 February 2026, upended key supply chains, driving oil prices above US$100 a barrel. The spike followed Iran’s closure of the Strait of Hormuz in response to the US and Israeli action. About 20% of the world’s oil supplies are transported through the strait.
The impact is being felt by countries across the globe. African countries are no exception, including those that produce oil.
We asked five scholars from Nigeria, South Africa, Senegal, Kenya and Ethiopia to answer the question: Is the spike in oil prices hurting your country’s economy?
The answer was a uniform “yes”. The universal fear is the effect the rise in prices is having on fuel, a staple commodity in every one of the countries for ordinary people as well as industries. In some cases, such as Ethiopia, the government has already introduced fuel subsidies to shield people from the impact of having to pay more at fuel pumps.
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