Egyptian President Abdel Fattah al-Sisi issued a chilling warning on Monday, stating that global oil prices exceeding $200 per barrel (pb) are no longer a “theoretical fear” but a looming reality.
Speaking at the Egypt Energy Show (EGYPES 2026), Sisi appealed directly to U.S. President Donald Trump to halt the war, which entered its 31st day today. He noted that only the U.S. President has the influence to stop the escalating conflict with Iran.
The Egyptian leader warned that the disruption of the Strait of Hormuz is pushing the global economy toward a breaking point, with current projections of a price surge being “not exaggerated.”
As of today, Monday, March 30, Brent crude is already trading at $116.42 per barrel, while West Texas Intermediate (WTI) has climbed to $101.15, reflecting the deep anxiety in global markets.
The conflict officially began on February 28, 2024, with the launch of the joint U.S.-Israeli air strikes (Operation Epic Fury). President Sisi’s warning comes as the situation enters its fifth week of active combat.
For African nations, these figures represent a “double tragedy” as soaring energy costs and disrupted supply chains threaten to reverse years of hard-won economic stabilization.
In Nigeria, the crisis presents a stark paradox; while the NGX has seen interest in domestic energy firms, the average citizen is grappling with petrol prices that have hit a record N1,400 per liter in Lagos and Abuja.
Further east, the impact is even more immediate. Kenya and Ethiopia are facing a “hidden tax” on all imported goods as shipping lines reroute around the Cape of Good Hope to avoid the conflict zone.
This 4,000-mile detour adds roughly $1 million in costs per trip, driving up the price of everything from electronics to the essential fertilizers needed for the 2026 harvest season.
