Oil
Oil jumps 2% as Saudi attacks threaten Hormuz supply recovery
CEII brief
BusinessDay reported on 12 Oct 2026: Oil jumps 2% as Saudi attacks threaten Hormuz supply recovery.
Read the full story on BusinessDayOil prices rose about two percent on Monday as fresh attacks on Saudi Arabia and tankers near the Strait of
Context from CEII
Crude benchmarks move budgets, currencies and inflation in producer and importer countries alike. For economies such as Nigeria, where fuels dominate exports, production and refining decisions move the whole economy.
85.9% of Nigeria’s merchandise exports were fuels in 2025Countries in this story
Original reporting © BusinessDay. Headline and excerpt quoted with attribution; the full article is available on the publisher’s site. CEII’s context is the Centre’s own and does not represent the publisher.
