UN Security Council Convenes Emergency Meeting in Response to US-Israel Strikes on Iran

The United Nations has commenced an emergency session due to the recent attacks on Iran by the US and Israel.

UN Secretary-General António Guterres cautioned that military interventions could trigger uncontrollable events in one of the world's most unstable regions. He reported that around 20 cities in Iran have been affected by the strikes.

Guterres referenced unspecified reports of fatalities among Iranian leaders but noted that he could not verify this information independently.

In response, Kaja Kalla, the European Union's Chief of Foreign Policy, announced that EU foreign ministers are set to hold urgent discussions regarding the situation in Iran today.

Kalla condemned the Iranian regime's indiscriminate aggression toward its neighbors, emphasizing that it poses a significant risk of escalating conflict across the region.

Iran, in turn, has requested an emergency meeting with the UN nuclear watchdog to address what it calls unfounded claims from the US and Israel regarding its nuclear program, which purportedly provides justification for their military actions.

Surge in Crude Oil Prices Anticipated

With impending market openings, oil prices are expected to rise significantly given Tehran's threats of blocking the Strait of Hormuz, a crucial oil transit route.

In light of these developments, Nigeria stands to benefit from heightened international crude prices, as the nation’s 2026 fiscal plan assumes an oil production target of 1.84 million barrels per day, with a price point expected to range between $60 and $64.85 per barrel.

Historically, a significant volume of oil, about 20 million barrels, transits through the Strait of Hormuz daily, accounting for nearly 20 percent of worldwide liquid oil usage, as documented by the US Energy Information Administration (EIA).