₦airaland Forum

allthingsgood:
US and Israel made a very big mistake attacking Iran. This war is unnecessary

And Iran did we sponsoring Hezbollah, hamas, etc against Israel bah?

I stills don't get it the middle East produces 20% of the worlds crude,why is the world economy shaking when there's a 80% crude available.

The math don't seem right. Though there will be increase in price but it shouldn't be that significant .

nlfpmod:
Why closing the Strait of Hormuz could have devastating effects on global oil shipping

https://www.youtube.com/watch?v=lwSLe1qWpSs?si=dbvZRlJd4lBLCh0q

Dogalmighty17:
Anyone who isn't a flaming imbe already knows this. I have been sounding this warning days before the US and Israel began striking Iran. But supremely ignorant Nigerians who support Israel and America, countries that don't care one bit about us and hate us, are buying the narrative that the West is pushing.

If Israel and the US were doing so well as they say, why are they blacking out every news and video clips of the damages Iran is causing. I am by no means a supporter of Iran but I find it strange that the same Iran that Trump is claiming to have rendered impotent just fired off 168 missiles hours ago.

Trump lied that he totally destroyed Iran's nuclear processing capabilities last October and yet today, he is preparing to send 5000 special forces into Iran to help secure those stockpiles. A suicidal move.

Iran may not have the weapons and planes the US and Israel have but it has one thing, the ability to throw a good punch into the balls of the global economy. The strait of Hormuz is what God has blessed them with. They will be totally incompetent not to use it.

You will buy fuel for 1500 before this week is over. It will be painful but at least you will learn an important geographic lesson. You will know what the strait of Hormuz is and why it is so important.

if we have government we should be happy because we have the crude.... infact this news is a blessing to Africa country with crude oil..

Reloadedisraelp:
if we have government we should be happy because we have the crude.... infact this news is a blessing to Africa country with crude oil..

It can't be that. First the Strait of Hormuz is not closed as explained in the video below.

https://www.youtube.com/watch?v=lwSLe1qWpSs?si=dbvZRlJd4lBLCh0q
Second, your country actually sources much of its crude from the Middle East. So, it is meaningless to say things like "We have the crude" when, in fact, you really don't. 🥱🥱

3exe3:
I stills don't get it the middle East produces 20% of the worlds crude,why is the world economy shaking when there's a 80% crude available.

The math don't seem right. Though there will be increase in price but it shouldn't be that significant .

It’s a simple law of supply, in Economics. Now supply has reduced. We should expect selling price to go up.

Some of the 80% crude may not have been e extracted or may not be closer to countries where they are needed most.

Imagine European countries buying oil from Saudi Arabia before but because of this war, they have to buy from Latin America. You can see the difference in distance (logistics costs, insurance etc) and cost of oil itself because other sellers (The Gulf region) are not selling now.
Thus will cause sellers from Latin America to increase their prices.

VanuatuWycombe:
It’s a simple law of supply, in Economics. Now supply has reduced. We should expect selling price to go up.

Some of the 80% crude may not have been e extracted or may not be closer to countries where they are needed most.

Imagine European countries buying oil from Saudi Arabia before but because of this war, they have to buy from Latin America. You can see the difference in distance (logistics costs, insurance etc) and cost of oil itself because other sellers (The Gulf region) are not selling now.
Thus will cause sellers from Latin America to increase their prices.

Europe has oil in russia

valentineuwakwe:
How does this explain actions even works? Fuel we refined here and pump to our darling dangotte refinery to refine n sold to the local Nigeria market is what they are telling me Iran/Israel -US war is making prices in Nigeria go up!
May God help Nigeria!

The price of oil is determined internationally.

No one would invest to drill a barrel of oil if it is determined locally.

3exe3:
Europe has oil in russia

I only painted an example. Even at that, Russia has not been selling to Europe, since war broke out between Ukraine and Russia. That’s why energy cost has gone up in Europe.