GHANA FACES FUEL PRICE HIKE AS OIL SURGES AFTER IRAN-LINKED ATTACKS NEAR HORMUZ

Ghanaians could soon experience renewed pressure at the fuel pumps as global oil prices surge following fresh attacks on commercial vessels near the Strait of Hormuz a vital shipping corridor responsible for transporting about 20 percent of the world’s oil and gas supply.

The spike in crude prices comes amid escalating tensions in the Middle East, where Iran has intensified strikes across the region in response to ongoing attacks involving the United States and Israel. The rising insecurity has unsettled global energy markets and heightened fears of potential supply disruptions.

According to the UK Maritime Trade Operations (UKMTO), at least three ships were attacked near the Strait of Hormuz. Two vessels were reportedly struck by unknown projectiles, causing fires onboard, while another projectile exploded close to a third vessel. Authorities have indicated that all crew members are safe.

Iran has reportedly warned ships against passing through the strategic waterway, prompting several vessels to anchor in nearby Gulf waters rather than risk transit. Analysts say shipping activity at the entrance of the strait has slowed significantly due to security concerns and surging insurance premiums.

In early Asian trading on Monday, global oil prices jumped 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 West Texas Intermediate (WTI) rose about 4 percent to $69.67 per barrel.

For Ghana, a net importer of refined petroleum products sustained increases in global crude prices could translate into higher pump prices, rising transport fares, and upward pressure on food and commodity prices.

Energy analysts note that markets have not yet entered full panic mode, as major oil production facilities and core transport infrastructure have not been directly targeted. However, they warn that if the conflict persists and access through the Strait of Hormuz remains restricted, crude prices could surge beyond $100 per barrel.

In a move aimed at calming markets, the OPEC+ alliance, including Saudi Arabia and Russia, agreed on Sunday to increase output by 206,000 barrels per day. Some experts, however, question whether the increase would be sufficient 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 burning. Neither the UK nor the US has officially confirmed the claim.

The UKMTO has reported multiple security incidents across the Arabian Gulf and the Gulf of Oman and has advised vessels to transit the region with extreme caution.

Ship-tracking data indicates that more than 150 tankers have anchored in open Gulf waters rather than attempt to navigate the strait. Analysts caution that if the waterway remains effectively closed for an extended period, the implications for global energy markets and fuel-dependent economies like Ghana could be severe.

Source:NKONKONSA.com