The Federal Government has warned that escalating Red Sea hostilities could disrupt global oil supply. It also said the conflict could threaten maritime trade and put more pressure on the global economy.
The warning follows continued attacks on commercial vessels along one of the world’s busiest shipping routes. The situation has raised fresh concerns over energy security and international trade.
Speaking at the International Maritime Organization (IMO) meeting in London, the Minister of Marine and Blue Economy, Adegboyega Oyetola, urged the international community to strengthen cooperation in protecting critical sea lanes.
While welcoming the cessation of hostilities between the United States and Iran after 13 days of conflict, the Federal Government called on the Houthis, Saudi Arabia, Iran and the United States to “exercise maximum restraint, prioritise dialogue, and work through established diplomatic and multilateral channels to resolve outstanding issues.”
He said uninterrupted maritime transport remains essential for global commerce, energy supply, and economic stability.
The Red Sea is one of the world’s most strategic maritime corridors. About 12% of global trade and nearly 30% of global container traffic pass through the route each year.
The waterway also carries crude oil and refined petroleum products between the Middle East, Europe, Asia, and Africa.
Security threats have forced several shipping companies to reroute vessels around the Cape of Good Hope. The longer route increases transit time, freight charges, and insurance costs.
The Federal Government warned that prolonged instability could disrupt crude oil exports. It could also delay the delivery of essential goods and push global energy prices higher.
Market analysis shows that about 4% of global oil supply is currently at risk because of security threats in the Red Sea.
Analysts estimate that every month of continued disruption could add about $10 per barrel to global oil prices if tensions persist.
Recent geopolitical tensions have already affected oil markets. Brent crude briefly climbed above $100 per barrel before easing as diplomatic efforts reduced immediate fears over supply disruptions.
Despite the temporary relief, analysts say oil markets remain vulnerable to renewed attacks on key shipping routes.
The Federal Government reaffirmed Nigeria’s commitment to maritime safety. It also pledged to support international efforts to protect shipping lanes and strengthen global supply chains.
Officials believe stronger cooperation among nations will secure maritime trade. They also say it will reduce the economic impact of future disruptions.
