Crude oil prices extended gains on Wednesday, rising approximately 2% as market participants reacted to a significant escalation in Middle East hostilities and a breakdown in diplomatic communication between Tehran and Washington.
The war in Iran is strangling fuel shipments through the Strait of Hormuz, leaving many African nations with just weeks of oil left. Lacking their own refineries, these countries are now being outbid by wealthier nations, sparking fears of fuel shortages and price hikes across the continent. Bloomberg's Jennifer Zabasajja spoke to Joumanna Bercetche on Horizons Middle East and Africa.
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