Oil shocks hit $100 mark as Hormuz crisis deepens; Ghana’s relief under threat

Global crude oil prices have surged beyond $100 per barrel following renewed geopolitical tensions involving Donald Trump and a reported naval blockade affecting vessels passing through the Strait of Hormuz.

The sharp rise comes after negotiations in Islamabad failed to yield an agreement, reversing earlier gains seen in the oil market. Prices had briefly softened to just above $90 per barrel after the United States and Iran agreed to a conditional two-week ceasefire. However, the collapse of those talks has triggered fresh volatility.

Checks by Accra Evening News on Bloomberg early Monday show West Texas Intermediate crude trading at $103.70 per barrel, while Brent Crude stands at $101.70 per barrel.

The renewed spike highlights the fragility of global oil markets, particularly in response to disruptions in the Middle East. The Strait of Hormuz remains one of the world’s most critical oil corridors, handling a substantial share of global crude shipments.

For Ghana and other import-dependent economies, the development presents renewed risks to fuel prices and broader economic stability. Domestic pump prices have already been trending upwards since tensions in the Middle East intensified, prompting swift policy action.

Government has directed the Ministers of Finance and Energy to implement a temporary suspension of selected taxes and margins in the next pricing window, beginning April 16. The measure is intended to cushion consumers and businesses from rising fuel costs and is expected to run for an initial four-week period.

However, analysts warn that the latest surge in global crude prices could erode the benefits of these interventions, particularly if elevated prices persist into subsequent pricing cycles.