Oil surges above $100 as US-Israel conflict with Iran escalates

Global crude oil prices have surged past the $100 per barrel mark for the first time since 2022 as tensions in the Middle East continue to intensify following the ongoing conflict involving the United States, Israel and Iran.

Checks by Citi Business News on Oilprice.com early Monday show that Brent crude was trading slightly above $107 per barrel, while West Texas Intermediate (WTI) was hovering around $104.

The sharp rise in prices has renewed concerns about possible pass-through effects on petroleum product prices in Ghana, particularly in the second pricing window of March.

Analysts warn that the surge in crude prices could push up the cost of finished petroleum products on the international market, potentially increasing the cost of landing petroleum products in Ghana if the trend persists.

Industry watchers say higher crude prices typically translate into higher refined product prices, which directly influence the cost of imported fuel delivered to the country’s ports before taxes and margins are applied.

Despite the volatility on the global oil market, the National Petroleum Authority (NPA) has assured that Ghana currently has sufficient stocks of petroleum products to meet national demand.

The Authority says it has put in place a strategic import plan to ensure steady supply of petroleum products onto the market and to cushion the country against potential supply disruptions linked to the Middle East tensions.

CitiNewsRoom