The Strait of Hormuz Is Effectively Closed. Here Is What Cross-Border Businesses Must Do in the Next 72 Hours.
By I-STRATA Editorial, iMedia
Vessel traffic through the world's most critical energy chokepoint has fallen 70%. Oil is surging. Fuel prices in Nigeria have already jumped. A practical guide for businesses operating across borders.
The Strait of Hormuz is effectively closed. Vessel traffic through the world's most critical energy chokepoint has fallen by approximately 70 per cent since US-Israeli strikes on Iran began on 1 March 2026. Brent crude surged 13 per cent in a single session. Qatar has halted LNG production. Saudi Aramco has shut down one of its largest refineries. And in Lagos, the Dangote Refinery has already raised petrol prices by ₦100 per litre. For anyone running a business that touches more than o...
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