Global crude oil prices have climbed above $100 per barrel following fresh geopolitical tensions linked to U.S President Donald Trump and a reported naval blockade targeting vessels transiting the Strait of Hormuz after talks in Islamabad failed to produce a deal.
Prices had briefly eased to just above $90 per barrel after the United States and Iran agreed to a conditional two-week ceasefire.
However, the breakdown of negotiations has reversed those gains.
Checks by Citi Business News on Bloomberg early Monday morning show West Texas Intermediate (WTI) crude trading at $103.70 per barrel, while Brent Crude is selling at $101.70 per barrel.
The renewed spike underscores the sensitivity of global oil markets to disruptions in the Middle East, particularly along the Strait of Hormuz, which handles a significant share of global crude shipments.
For Ghana and other import-dependent economies, the surge presents renewed risks to fuel prices.
Domestic pump prices have already trended upward since the onset of the Middle East tensions, prompting policy intervention.
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, aimed at cushioning consumers and businesses from rising fuel costs.
The intervention, expected to run for an initial four-week period, is designed to ease cost pressures across the economy.
However, the latest developments on the global market are likely to offset these gains, particularly if high crude prices persist into subsequent pricing windows.
