MIDDLE EAST CONFLICT SPIKES OIL PRICES 50%

The ongoing Middle East conflict has driven global oil prices up by more than 50 percent as of late March, severely impacting African economies. Spikes in energy, food, and fertilizer prices are worsening food security and economic volatility across the continent. The African Development Bank, African Union Commission, UN Development Programme, and UN Economic Commission for Africa have issued practical recommendations for crisis responses and resilience building. This escalation underscores the urgent need for African nations to bolster economic safeguards against global shocks.