Ghana Braces for Fuel Price Surge as Oil Jumps After 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 supply.

The spike in prices comes amid escalating tensions in the Middle East, where Iran has intensified regional strikes in response to ongoing hostilities involving the United States and Israel.

The growing insecurity has unsettled global energy markets, raising fears of supply interruptions. The UK Maritime Trade Operations (UKMTO) reported that at least three vessels were attacked near the Strait of Hormuz. Two ships were struck by unidentified projectiles, sparking fires, while another explosion occurred close to a third vessel. Authorities confirmed that all crew members are safe.

Tehran has cautioned ships against transiting the strait, prompting many vessels to remain anchored in nearby waters instead of risking passage. Analysts say traffic at the gateway to the strait has slowed considerably, driven by heightened security threats and surging insurance premiums.

In early Asian trading on Monday, oil prices surged by more than 10% before moderating slightly. By 02:00 GMT, Brent crude was up over 4% at $76.16 per barrel, while US benchmark crude climbed about 4% to $69.67.

For Ghana, which relies heavily on imported refined petroleum products, a prolonged rise in crude prices could mean higher pump costs, increased transportation fares, and renewed inflationary pressure on food and other essential goods.

Energy experts note that markets have yet to enter full panic mode, as major oil production and export infrastructure have not been directly targeted. However, they warn that if tensions persist and shipping through the Strait of Hormuz remains restricted, prices could spike beyond $100 per barrel.

In a bid to steady the market, the OPEC+ alliance — including leading producers such as Saudi Arabia and Russia — agreed on Sunday to raise output by 206,000 barrels per day. Some analysts, however, question whether this increase will be enough to offset sustained disruptions.

Meanwhile, Iran’s Islamic Revolutionary Guard Corps (IRGC) claimed that three UK- and US-linked tankers had been hit by missiles and were ablaze — a claim neither country has officially confirmed.

The UKMTO has also reported multiple security incidents across the Arabian Gulf and the Gulf of Oman, urging vessels to proceed with caution.

Ship-tracking data shows that more than 150 tankers have chosen to anchor in open Gulf waters rather than attempt to navigate the strait. Analysts warn that if the critical waterway remains effectively shut for an extended period, the repercussions for global energy markets — and import-dependent economies like Ghana — could be severe.