Ghana braces for fuel hike as oil prices surge after Iran attacks

Ghanaians may soon experience renewed pressure at the fuel pumps following a sharp rise in global crude oil prices triggered by fresh security incidents near the Strait of Hormuz.

The vital waterway, which facilitates nearly 20% of the world’s oil and gas shipments, has seen heightened tensions after reported attacks on commercial vessels.

The surge in prices comes against the backdrop of escalating geopolitical hostilities in the Middle East, where Iran has intensified military actions amid ongoing confrontations involving the United States and Israel.

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The instability has unsettled international energy markets, raising fears of potential supply disruptions.

According to the UK Maritime Trade Operations, at least three vessels were targeted near the strait.

Two ships sustained damage after being struck by unidentified projectiles that ignited onboard fires, while another explosion occurred close to a third vessel.

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Authorities confirmed that all crew members remain safe.

Iran has reportedly cautioned ships against transiting the strait, prompting many operators to anchor in surrounding waters.

Maritime analysts indicate that shipping traffic at the entrance to the corridor has slowed considerably, partly due to security risks and escalating insurance premiums.

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In early Asian trading on Monday, crude prices spiked by more than 10% before moderating.

By 02:00 GMT, Brent crude was up over 4% at $76.16 per barrel, while US crude rose approximately 4% to $69.67.

For Ghana, which relies heavily on imported refined petroleum products, sustained increases could lead to higher fuel prices, elevated transport costs, and inflationary pressure on goods and services.