Clashes in the Red Sea may jeopardize worldwide oil shipments and seaborne commerce, according to the Federal Government.

The Federal Government has voiced deep concern over the escalating conflict between the Houthis in Yemen and the Kingdom of Saudi Arabia, citing the potential for severe disruption to global oil supplies, maritime trade, and the world economy if navigation in the Red Sea is compromised.

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At a press briefing in Abuja on Monday, Ministry of Foreign Affairs spokesperson Kimiebi Ebienfa stated that Nigeria maintains a neutral stance in the conflict, while urging all parties to engage in dialogue and diplomacy to prevent further escalation.

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According to Ebienfa, the current tensions in the Red Sea, combined with the unresolved disruptions in the Strait of Hormuz and the ongoing Russia-Ukraine conflict, pose significant risks to global energy security and international commerce.

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As a major oil-producing nation, Nigeria is particularly concerned about the potential consequences of a blockade of the Bab al-Mandab Strait or sustained disruption of shipping lanes in the Red Sea, which would have direct and severe consequences for global oil supply chains.

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The Federal Government has warned that attacks on commercial vessels, increased insurance premiums, longer shipping routes around the Cape of Good Hope, and rising freight costs are already driving up international crude oil prices.

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Nigeria has expressed sympathy with Saudi Arabia over the attacks on its oil facilities, noting that the volatility threatens energy security and disproportionately affects developing economies that rely on stable oil revenues and affordable energy imports.

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The Federal Government has welcomed the cessation of hostilities between the United States and Iran after 13 days of conflict, and has called on the Houthis, Saudi Arabia, Iran, and the United States to exercise maximum restraint and prioritise dialogue.

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The government has stressed that restoring safe navigation in the Red Sea and the Strait of Hormuz is essential to safeguarding the free flow of global energy supplies and preventing further damage to the world economy.

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Nigeria has reaffirmed its commitment to the peaceful settlement of disputes in line with the United Nations Charter, and has pledged support for regional and international efforts aimed at reducing tensions and protecting critical maritime infrastructure.

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The government has emphasised that the time for de-escalation is now, stating that the stability of global oil markets and the well-being of nations worldwide depend on it.

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Ebienfa has expressed concern over the implications of the crisis for Nigerians living and working across the Gulf region, noting that instability directly affects Nigeria's national interests due to the large number of citizens employed in the oil, medical, and education sectors.

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He has stated that Nigeria wants a peaceful resolution to the issues due to the adverse effects on other nationalities around the world.

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According to Ebienfa, Nigeria maintains cordial diplomatic relations with Middle Eastern countries, citing recent high-level engagements with Qatar and the United Arab Emirates.

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On the possible impact of the crisis on Nigeria's oil exports, Ebienfa has acknowledged that while supply disruptions elsewhere could temporarily favour Nigerian crude, prolonged instability would ultimately disrupt global shipping and increase transportation costs.

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He has noted that if vessels are stranded, it will affect the supply chain, as the same seagoing vessels move to different ports around the world, and that if they are trapped in a particular location, it will affect the cost of maritime transportation globally.

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Nigerian crude oil and liquefied natural gas exports could also be affected if key maritime routes remain blocked, according to Ebienfa.

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In a statement issued on Sunday, the Federal Government warned that the ongoing hostilities in the Red Sea threaten one of the world's most critical maritime corridors and risk further destabilising global energy markets.

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The statement reiterated Nigeria's sympathy with Saudi Arabia over the attacks on its oil facilities and reaffirmed its commitment to the principles of the United Nations Charter, while pledging support for regional and international efforts to reduce tensions, protect critical maritime infrastructure, and preserve international peace and security.