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Ghanaians may soon face higher fuel prices as global crude oil markets react sharply to fresh security incidents near the strategic Strait of Hormuz — a vital shipping corridor responsible for transporting nearly 20% of the world’s oil and gas supply.
The price surge follows renewed 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 insecurity has unsettled global energy markets, sparking fears of potential supply disruptions.
According to the UK Maritime Trade Operations (UKMTO), at least three commercial vessels were attacked near the Strait of Hormuz. Two ships were reportedly struck by unidentified projectiles, leading to onboard fires, while another explosion occurred close to a third vessel. Authorities confirmed that all crew members were safe.
Iran has reportedly warned ships against transiting through the strait, prompting many vessels to anchor in nearby waters instead of risking passage. Analysts say shipping activity at the entrance to the strait has slowed considerably due to heightened security concerns and escalating insurance costs.
In early Asian trading on Monday, global oil prices surged by more than 10% before easing slightly. By 02:00 GMT, Brent crude was trading over 4% higher at $76.16 per barrel, while US-traded crude rose around 4% to $69.67.
For Ghana — a net importer of refined petroleum products — sustained increases in crude prices could directly impact pump prices. Higher fuel costs often trigger increases in transport fares and add upward pressure on food and commodity prices, further straining household budgets.
Energy analysts note that markets have not yet entered full panic mode, as major oil production and transport infrastructure have not been directly targeted. However, they warn that if hostilities persist and shipping through the Strait of Hormuz remains restricted, crude prices could surge beyond $100 per barrel.
In a bid to stabilise supply, the OPEC+ group — which includes major producers such as Saudi Arabia and Russia — agreed to increase output by 206,000 barrels per day. Nonetheless, some experts question whether the increase will be sufficient to offset prolonged disruptions.
Meanwhile, Iran’s Islamic Revolutionary Guards Corps (IRGC) claimed that three tankers linked to the UK and US had been struck by missiles and were burning, although neither country 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 exercise extreme caution.
Ship-tracking data indicates that more than 150 tankers have anchored in open Gulf waters rather than attempt to pass through the strait. Analysts caution that if the waterway remains effectively closed for an extended period, the consequences for global energy markets and fuel-dependent economies like Ghana could be severe.
