Global crude oil prices have surged beyond $100 per barrel following renewed geopolitical tensions involving U.S. President Donald Trump and reports of a naval blockade affecting vessels passing through the Strait of Hormuz after failed negotiations in Islamabad.
Earlier, prices had dipped to just over $90 per barrel after the United States and Iran reached a temporary two-week ceasefire agreement. However, the collapse of those talks has triggered a sharp rebound in prices.
Data monitored by Citi Business News on Bloomberg on Monday morning showed West Texas Intermediate (WTI) crude trading at $103.70 per barrel, while Brent crude stood at $101.70 per barrel.
The spike highlights how vulnerable global oil markets remain to instability in the Middle East, especially along the Strait of Hormuz—a critical route for a large portion of the world’s crude oil supply.
For Ghana and other oil-importing nations, the increase poses fresh risks to domestic fuel prices. Local pump prices have already been rising since the tensions began, prompting government intervention.
In response, the government has instructed the Ministers of Finance and Energy to temporarily suspend certain taxes and margins in the upcoming pricing window starting April 16. The measure, expected to last four weeks initially, is aimed at easing the burden on consumers and businesses.
Nonetheless, continued volatility in global oil prices could undermine the relief efforts, particularly if elevated prices persist in the coming weeks.
Source: citinews
