Crude oil prices have dropped lower than expected despite the Iranian parliament’s measure to close the Strait of Hormuz, a critical global transit checkpoint, in response to U.S. airstrikes on three Iranian nuclear sites.
The Strait of Hormuz is the narrow shipping lane in the Gulf where about 20 per cent of global oil and gas flows.
After Iran voted for the closure of the Strait of Hormuz, oil prices made a swift rise.
The rise underpinned the consequences of blocking the Strait of Hormuz for the global economy and disrupting international trade.
Brent Crude rose to $79.22 per barrel while West Texas Intermediate surged to $75.62 per dollar on June 22, 2025 for August contracts.
However, prices have dropped below expert predictions.
Checks by THE WHISTLER showed that Brent price dropped 1.22 per cent to $75.97 as of 15:33 GMT on Monday.
West Texas Intermediate (WTI) also fell to $72.99 per barrel, a 1.21 per cent drop for August contracts.
The drop follows President Donald Trump’s threat to oil producers, adding he is “watching”.
“Everyone, keep oil prices down. I’m watching! You are playing right into the hands of the enemy. Don’t do it!” Trump said on his social media handle on Monday.
Although the prices dropped, the Chairman of RPG Enterprise, an Indian industrial and services conglomerate, also known as the RPG Group, Harsh Goenka, described the votes to close the Strait of Hormuz as big trouble for the global economy.
“Oil prices may jump 30–50 per cent. Global inflation surges. Tankers face delays, supply chains hit,” Goenka said in a tweet seen by THE WHISTLER.
He added, “U.S. gas could cross $6/gallon. Military standoff risk grows in the Gulf. The world economy just entered dangerous waters.”
With tensions boiling and international fears of a spillover rising, concerns are mounting about how this Middle Eastern conflict could impact other regions, including Africa.
In an exclusive interview with THE WHISTLER, Professor Sheriff Ghali Ibrahim, Director of the International Centre at the University of Abuja and Director of the Center for Contemporary China-Africa Research, laid out what the conflict could mean for Nigeria and Africa at large.
According to him, the ongoing war is not just a confrontation between two nations, but the culmination of long-standing geopolitical ambitions and survival strategies, with global consequences.
“The Israeli-Iranian conflict is a conflict that has been brewing for decades; it has been necessitated by the will and zeal to dominate as well as the zeal and will to provide a safety net, to be defensive, on the part of Iran,” Ibrahim said.
Israel has an agenda, which is called the Greater Israel Agenda, “just like we had decades ago in former Yugoslavia, where Tito had a vision for Greater Serbia,” he added.
While acknowledging Israel’s right to exist and defend itself, he said the country’s ambitions to dominate the region, and its view of Iran as an existential threat are partly to blame for the current crisis.
“Israel wants to dominate that particular region. Also the United States of America, and it is in the interest of the allies of the United States. Iran, after the Iran-Iraq war where chemical weapons were used, vowed to advance a defensive foreign policy,” he noted.
On the African front, Ibrahim highlighted a range of potential consequences for Nigeria and its neighbors, educational, economic, and diplomatic.
“Students who study in Israel and Iran will be forced to return home. Their educational progress will be cut short due to this conflict,” he warned.
He added, “Economically, we have good communication from Israel and Iran. Export and import will be affected. Israel will not be able to export, and Iran might not be able to export if it deals with refinery or oil and gas.”
Ibrahim stressed that although Africa doesn’t import Iranian oil as “Nigeria is rich in oil”, countries that rely on Israeli or Iranian exports may face supply chain disruptions.
The Professor also noted that diplomatically, the tensions could test Africa’s traditionally neutral stance.
He said, “Israel might be furious at African countries and Nigeria for not supporting its war on Gaza or with Iran. Most African countries believe that Israel carried out an unprovoked attack on Iran. The African Union does not support a country attacking a sovereign nation.”
“Israel misfired. It underestimated the power of Iran, even though it respects Iran and knows its capability. But now, hospitals are being bombed, infrastructure destroyed, schools and research institutions damaged, people killed and displaced. That is the result of preemptive or preventive attacks.
“Whatever Iran has done to Israel, Israel has done that in Gaza. So, history will always repeat itself. We must be cautious not to start a war, we don’t know how it will end.”
Ibrahim urged restraint, emphasizing diplomacy as the only viable path forward.
“Peace through diplomacy will always be the best option, because war will only bring destruction, disruption, and halt international trade, economic relations, and peaceful coexistence.