Tensions in Middle East: Fuel prices at risk due to Middle East conflict

The Chamber of Petroleum Consumers (COPEC), has raised alarms over the potential impact of the ongoing conflicts in the Middle East on fuel prices in Ghana, warning that the current tensions could drive up prices at pumps in the near future.

The National Petroleum Authority (NPA) has however assured that Ghana’s existing fuel stock is adequate to last several weeks.

During an appearance on Joy News’ The Probe on Sunday, March 1, COPEC Executive Secretary Duncan Amoah emphasized that although Ghana currently holds enough fuel reserves, private traders are already adjusting their pricing strategies in anticipation of future shipments.

“If I was a trader and I woke up tomorrow to have to put stock on the market, I would definitely bear in mind the fact that these hostilities or tensions prevailing within the Middle East could affect the next cargo containment that I get down here,” he stated.

His warning comes as global crude oil prices surged past $82 per barrel on Sunday, following the blockade of the Strait of Hormuz, a vital route for about 22% of the world’s oil supply. This spike marks a 22% – 24% increase from the previous $67–69/barrel range within just one day.

The COPEC Executive Secretary described the situation as “fluid” and expressed that if the conflict continues, crude prices could soar to or beyond $100 per barrel, which would inevitably place more pressure on domestic fuel prices.

He further pointed out that Ghana is in a severely vulnerable position as it lacks strategic reserves and is relies entirely on stocks maintained by private Bulk Distribution Companies (BDCs).

In the early hours of Saturday, 28 February 2026, the United States and Israel launched a coordinated large-scale military offensive against the Islamic Republic of Iran. The Israeli operation was codenamed Operation Roaring Lion, while the U.S. component was labelled Operation Epic Fury.

According to the Institute for the Study of War (ISW), the combined US-Israeli force conducted nearly 900 strikes on Iranian targets in the first 12 hours alone, “hitting an array of military, command-and-control, and leadership targets across the country, including nuclear and ballistic missile sites.”

According to U.S President Donald Trump, the strikes seek to permanently eliminate Iran’s nuclear weapons programme and overthrow the Islamic Republic’s government.

On Sunday, as the conflict entered its second day, Reuters reported that several ships on the Persian Gulf received broadcasts believed to have originated from Iranian authorities, prohibiting passage through the Strait of Hormuz, consequently deepening concerns of an eminent disruption in the global crude supply chain.