Ghana bracing for fuel price increases as oil jumps amid Iran-linked attacks

Ghanaians may soon face higher fuel prices as global crude oil costs climb sharply following fresh attacks on commercial vessels near the Strait of Hormuz a vital maritime corridor responsible for transporting roughly 20% of the world’s oil and gas.

The spike in prices comes against the backdrop of rising tensions in the Middle East, where Iran has stepped up military actions across the region in response to continued strikes by the United States and Israel. The situation has unsettled global energy markets and heightened fears of supply interruptions.

According to the UK Maritime Trade Operations (UKMTO), at least three vessels were attacked near the Strait of Hormuz. Two ships were struck by unidentified projectiles, resulting in onboard fires, while another projectile detonated close to a third vessel. Officials confirmed that all crew members are safe.

Tehran has reportedly cautioned ships against navigating the strait, leading many vessels to anchor in surrounding waters instead of proceeding through the high-risk zone. Market observers say shipping traffic at the gateway to the strait has slowed considerably due to mounting security threats and rising insurance premiums.

During early Asian trading on Monday, oil prices surged by over 10% before trimming gains slightly. By 02:00 GMT, Brent crude had climbed more than 4% to $76.16 per barrel, while US crude rose about 4% to $69.67.

For Ghana, which relies on imported refined petroleum products, prolonged increases in crude prices could push up fuel pump prices, transport fares, and the cost of goods and services.

Energy experts note that markets have not yet reached full panic levels since key oil production and transport facilities have not been directly hit. However, they warn that if tensions persist and access through the Strait of Hormuz remains constrained, oil prices could exceed $100 per barrel.

In a bid to calm markets, the OPEC+ alliance, which includes Saudi Arabia and Russia, agreed on Sunday to raise output by 206,000 barrels per day. Some analysts remain uncertain whether the increase will be enough to offset sustained supply disruptions.

Meanwhile, Iran’s Islamic Revolutionary Guards Corps (IRGC) claimed responsibility for missile strikes on three tankers allegedly linked to the UK and US, stating the vessels were set ablaze. Neither government has confirmed the claims.

The UKMTO has also reported several security incidents across the Arabian Gulf and the Gulf of Oman, urging ships to exercise heightened caution. Tracking data shows that more than 150 tankers have chosen to anchor in open Gulf waters rather than risk passage through the strait.

Analysts caution that if the waterway remains effectively shut for a prolonged period, the impact on global energy markets and fuel-dependent economies like Ghana could be severe.