As the US-Israel attack on Iran enters its fifth day, Iran retaliatory strikes across the Persian Gulf have escalated, plunging oil tanker traffic through the Strait of Hormuz.
According to the Joint Maritime Information Centre, tanker traffic through the 25-mile-wide bottleneck has dipped about 90 percent.
An average of 138 tankers ply the route daily in peace time.
But since the war began March 1, only about four oil vessels have crossed.
The Iran Revolutionary Guard Corps have threatened to ‘set ablaze’ any oil vessels that attempt to cross the strait.
And the UK Maritime Trade Operation confirmed a container ship took a hit from a projectile off Oman’s northern coast Wednesday morning.
So far, reports have confirmed a total of seven vessels pounded, and a crew member killed.
Nigeria currently gets more than 60 percent of its fuel supply from local producers, mainly Dangote Oil Refinery.
But the Strait of Hormuz disruption has an impact on the global supply chain, considering that 20 percent of the world supply passes through the area.
Nigeria, analysts say, is not immune against the resulting shock.
Brent crude spiked more than 10 percent when markets opened on Monday, trading above $80 per barrel from $60 per barrel last week.
Daily highs have averaged 84 per barrel since then.
Pump prices in Nigeria have recorded at least 13 percent rise to over N900 in the same period.
US President Donald Trump said the war could go on for four or five weeks.
