The Oluwo of Iwoland, Oba Abdulrosheed Adewale Akanbi, has warned that ongoing hostilities involving Iran, Israel, and the United States could intensify global instability and worsen economic hardship worldwide.

In a statement on Monday, Oba Akanbi urged Iran’s newly appointed Supreme Leader, Mojtaba Khamenei, to prioritize peace and diplomatic dialogue amid rising tensions. He emphasized that Khamenei’s decisions will have a profound impact on global peace and stability.

The Oluwo highlighted heightened tensions following the death of former Iranian Supreme Leader Ayatollah Ali Khamenei, noting the widespread suffering already affecting the Middle East.

He warned that the conflict is driving up global fuel prices, with immediate consequences for the cost of living, especially for vulnerable populations. Nigerian petroleum marketers have raised alarms that petrol prices could surge to N2000 per litre if the crisis persists.

Oba Akanbi’s statement underscores the interconnectedness of geopolitical events and local economic realities, highlighting how fuel price shocks can exacerbate inflation and reduce purchasing power across Nigeria.

Analysts note that any sustained escalation in the Middle East could disrupt oil supply chains, placing further pressure on both domestic and global markets. Policymakers are being urged to prepare contingency measures to cushion the potential economic impact.