Oil Prices Surge After Strait of Hormuz Attacks

Ghanaians may soon face renewed pressure at the pumps as global oil prices climb sharply following fresh attacks on commercial vessels near the Strait of Hormuz — a vital corridor that handles roughly 20% of global oil and gas shipments.

The surge comes amid heightened tensions in the Middle East, where Iran has stepped up strikes across the region in response to ongoing attacks by the United States and Israel. The growing insecurity has unsettled global energy markets, sparking fears of supply disruptions.

The UK Maritime Trade Operations (UKMTO) reported that at least three vessels were targeted near the strait. Two ships were struck by unidentified projectiles that caused fires, while another explosion occurred close to a third vessel. Authorities confirmed that all crew members are safe.

Iran has reportedly cautioned ships against transiting the strait, leading many to anchor in nearby waters instead. Analysts say traffic at the entrance to the waterway has slowed considerably due to security risks and rising insurance premiums.

During early Asian trading on Monday, oil prices briefly jumped more than 10% before easing. By 02:00 GMT, Brent crude was up over 4% at $76.16 per barrel, while US-traded crude rose about 4% to $69.67.

For Ghana, which relies heavily on imported refined petroleum products, sustained increases in crude prices could result in higher fuel prices, transport fares, and mounting pressure on food and other commodity costs.

While markets have not yet entered full panic mode — as major oil production and transport facilities remain intact — analysts warn that prolonged disruptions in the Strait of Hormuz could push prices beyond $100 per barrel.

In a bid to steady markets, the OPEC+ alliance, including Saudi Arabia and Russia, agreed to raise output by 206,000 barrels per day. However, some experts doubt whether this increase will be enough if tensions persist.

Meanwhile, Iran’s Islamic Revolutionary Guards Corps (IRGC) claimed it struck three tankers linked to the UK and US, leaving them ablaze — though neither country has officially confirmed the reports.

The UKMTO has since reported multiple security incidents across the Arabian Gulf and the Gulf of Oman, advising vessels to proceed with caution. Ship-tracking data shows more than 150 tankers have anchored in open Gulf waters rather than risk passage through the strait.

Analysts caution that if the key shipping route remains effectively restricted, the impact on global energy markets — and fuel-dependent economies like Ghana — could be severe.