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  • 17 hours ago
The ongoing tensions between Iran, Israel, and the United States have continued to send tongues wagging with fears of imminent war. The fallout could stretch far beyond the Middle East, with far-reaching implications for global oil markets, inflation, and the cost of living in oil-dependent economies such as Nigeria. Editorial Page Editor of The Guardian, Kunle Sanyaolu, reviews the consequences for the Nigerian economy.

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00:00The war between Iran and the United States is all going out.
00:05It's really an example of what's called Giroir,
00:09how small the entire world is.
00:12We have Iran on one side,
00:14but we have the United States collaboration with Israel on the other hand.
00:19It's already affecting India because oil is the best state of Medina's economy.
00:23Though yes, it can't go that we have the refinery that's working.
00:26Obviously, it depends on the protection of food oil,
00:29which have been disrupted now by the ease of that war.
00:33What's happening is that the prices have shut up,
00:36the very serious can only move freely,
00:38and the cost of refinery has also gone up.
00:41So this is a matter of concern because,
00:45you know, increase the price of fuel and energy
00:48is also going to help check on the increase of transportation costs
00:52and to reflect on the prices of physical quality items.
00:55So we may not feel the impact very well now.
00:59Yes, Giroir is able to make benefits by increased revenue from the oil sales,
01:04which is now going to about $100 per barrel,
01:08up from around 70 or something just a few days ago.
01:12That's a lot of money.
01:14But then what do we do with the money?
01:15Is the money going to be enough to counterbalance the negative effects
01:19of the population and other things that will erupt as a question
01:23from the Antarctic government boss address?
01:26.
01:26.
01:26.
01:26.
01:26.
01:27.
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