Global crude oil prices have surged to $91 per barrel following the reported blockade of the Strait of Hormuz, triggering fresh concerns over fuel price hikes in Ghana.
The sharp spike comes amid escalating tensions in the Middle East, which have disrupted one of the world’s most critical oil transit corridors. Energy markets reacted swiftly to reports that no crude shipments had passed through the strategic waterway since Saturday morning.
Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, described the situation as “fluid” and “not looking very kind”, warning that the disruption could have severe implications for global petroleum markets.
Speaking on Channel One Newsroom on Saturday, 28 February, Amoah confirmed that the Strait of Hormuz — through which more than a fifth of global oil supply passes daily — is effectively blocked.
“What I can confirm is that the Strait of Hormuz is blocked as we speak,” he stated. “No oil whatsoever has made passage since morning.”
According to Amoah, the blockade is being enforced by a strategic alliance he referred to as the “Iron Triangle”, involving Iran, Russia and China, which have reportedly mobilised maritime assets in the corridor. He added that the United States is moving naval forces toward the area, heightening fears of a potential confrontation.
The market response has been immediate. Prior to the latest escalation — including reported US-Israeli strikes on Iran — crude oil had been trading between $67 and $69 per barrel. Within 24 hours, prices jumped by more than 30 per cent, crossing the $91 mark.
“Over 22 per cent of the global oil supply that should have moved since last dawn has not moved,” Amoah said, noting that inventories in Europe, the US and Asia are likely to attract higher premiums.
The geopolitical risk premium, analysts say, is now at its highest level since the 2022 invasion of Ukraine.
For Ghana, the impact could be swift. COPEC warns that unless the corridor is reopened, potentially through US naval intervention the cost of refined petroleum products at the pumps could skyrocket in the coming pricing window.
With aviation disruptions and regional instability already affecting travel and trade, Amoah cautioned that the economic ripple effects of the blockade may extend well beyond energy markets if the standoff persists.