The International Air Transport Association (IATA) has warned that global jet fuel supply may take months to recover even if the Strait of Hormuz reopens under the US‑Iran ceasefire agreement.

The average price of gasoline in the United States has surged to $4 per gallon, marking the first time fuel costs have reached that level since 2022, according to a report by CNN on Tuesday.

Saudi Arabia’s oil officials are privately warning that crude prices could surge beyond $180 per barrel if disruptions to global energy supplies caused by the Iran war persist past late April.

Global financial markets faced a seismic shock on Monday as the intensification of the conflict between the United States, Israel and Iran sent crude oil prices soaring above $120 per barrel.

The Organisation of Petroleum Exporting Countries and its allies, (OPEC+) has decided to pause its planned oil supply increases through the first quarter of 2026, maintaining current production levels amid a global market surplus and uncertainty surrounding Venezuelan oil supplies. 

Africa suffers an average of $12.7 billion in annual infrastructure losses from natural disasters, according to a new report by the Coalition for Disaster Resilient Infrastructure (CDRI).