Ghanaians may soon face renewed pressure at the fuel pumps following a sharp surge in global oil prices after fresh attacks on commercial vessels near the Strait of Hormuz, a vital shipping route that carries about 20 percent of the world’s oil and gas supply.
The spike in prices comes amid escalating tensions in the Middle East, with Iran intensifying military activity in response to ongoing actions by the United States and Israel.
The growing insecurity has unsettled global energy markets, raising fears of possible supply disruptions.
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According to the UK Maritime Trade Operations (UKMTO), at least three vessels were attacked near the strait. Two ships were reportedly struck by unknown projectiles, causing onboard fires, while another explosion occurred close to a third vessel.
Authorities confirmed that crew members were safe.
Iran has since warned ships against passing through the strait, forcing many vessels to anchor in nearby waters. Analysts say shipping activity has slowed significantly due to security risks and rising insurance costs.
In early Asian trading on Monday, global oil prices surged by more than 10 percent before easing slightly. By 02:00 GMT, Brent crude was trading over 4 percent higher at $76.16 per barrel, while US-traded oil climbed around 4 percent to $69.67.
Market watchers say the volatility reflects growing uncertainty over the security of oil supplies in the region.
For Ghana, a net importer of refined petroleum products, sustained increases in crude prices could translate into higher fuel prices, rising transport fares, and upward pressure on food and commodity costs.
Energy analysts warn that prolonged instability could weaken household purchasing power and strain businesses dependent on fuel.
Experts note that markets have not yet entered full panic mode, as major oil production and transport infrastructure remain largely intact. However, they caution that if shipping through the Strait of Hormuz remains restricted, prices could climb beyond $100 per barrel.
In a bid to calm markets, the OPEC+ alliance — which includes Saudi Arabia and Russia — agreed to increase output by 206,000 barrels per day. Some analysts, however, doubt whether the move will be enough to offset prolonged disruptions.
Meanwhile, Iran’s Islamic Revolutionary Guards Corps (IRGC) claimed that three tankers linked to the UK and US were struck by missiles and were on fire. Neither country has officially confirmed the reports.
The UKMTO has also reported multiple security incidents across the Arabian Gulf and the Gulf of Oman, advising vessels to transit with extreme caution.
Ship-tracking data indicates that more than 150 tankers have anchored in open waters rather than risk passing through the strait.
Analysts warn that if the waterway remains effectively closed for an extended period, the impact on global energy markets — and fuel-dependent economies like Ghana — could be severe.
Citi Business