HomeBusinessRed Sea hostilities could disrupt global oil supply, maritime trade – FG

Red Sea hostilities could disrupt global oil supply, maritime trade – FG

The Federal Government has expressed deep concern over the escalating hostilities between the Houthis in Yemen and the Kingdom of Saudi Arabia, warning that any disruption to navigation in the Red Sea could severely affect global oil supplies, maritime trade and the world economy.

Speaking at a press briefing in Abuja on Monday, the spokesperson for the Ministry of Foreign Affairs, Kimiebi Ebienfa, said Nigeria remained neutral in the conflict but urged all parties to embrace dialogue and diplomacy to prevent further escalation.

Ebienfa said the latest tensions in the Red Sea, coming amid the unresolved disruptions in the Strait of Hormuz and the prolonged Russia-Ukraine conflict, posed serious risks to global energy security and international commerce.

He noted that, as a major oil-producing nation, Nigeria was particularly concerned that any blockade of the Bab al-Mandab Strait or sustained disruption of shipping lanes in the Red Sea would have “direct

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