But the dynamic is different for WTI. It is inland, U.S.-anchored, and far less exposed to immediate Strait logistics.
Trump’s message to countries that cannot get fuel from the Gulf that they can get it from the US instead paints the picture that the US serves as a plentiful source of barrels and products.
In other words, while the global market is getting choppier, domestic U.S. supply looks better covered, relatively speaking. This dynamic blows out the transatlantic spread.
U.S. crude oil is still up sharply for March overall, but it is underperforming Brent as the Middle East shock increasingly prices the seaborne supply problem first. Brent Hits $118 As Hormuz Shock Blows Out Spread With WTI
Brent crude jumped to $118.2 per barrel on Tuesday while WTI sat at $102.5, leaving an unusually wide gap between the two benchmarks as the market reacted to fresh rhetoric around the Strait of Hormuz and the growing risk to fuel flows outside the United States.
The apparent immediate trigger was a social media post from President Donald Trump urging countries struggling to secure jet fuel because of the Strait of Hormuz disruption to buy from the U.S. or go to the Strait and “take it” themselves.
“…The U.S.A. won’t be there to help you anymore, just like you weren’t there for us. Iran has been, essentially, decimated. The hard part is done. Go get your own oil!” Trump quipped on Truth Social on Tuesday.
Reuters separately reported Tuesday that the Iran war and the closure of Hormuz are driving the sharpest upward revision to annual oil price forecasts on record in its survey.
Brent crude is the waterborne benchmark. It prices the barrels most exposed to disruption in global seaborne trade.
Hormuz normally carries about a 20% of global oil and LNG trade, and Europe has now been warned by the European Commission to prepare for prolonged disruption, with jet fuel and diesel seen as especially vulnerable.
That is a direct bullish signal for Brent and for refined product pricing linked to Atlantic Basin and international cargo markets.
But the dynamic is different for WTI. It is inland, U.S.-anchored, and far less exposed to immediate Strait logistics.
Trump’s message to countries that cannot get fuel from the Gulf that they can get it from the US instead paints the picture that the US serves as a plentiful source of barrels and products.
In other words, while the global market is getting choppier, domestic U.S. supply looks better covered, relatively speaking. This dynamic blows out the transatlantic spread.
U.S. crude oil is still up sharply for March overall, but it is underperforming Brent as the Middle East shock increasingly prices the seaborne supply problem first.
But the dynamic is different for WTI. It is inland, U.S.-anchored, and far less exposed to immediate Strait logistics.
Trump’s message to countries that cannot get fuel from the Gulf that they can get it from the US instead paints the picture that the US serves as a plentiful source of barrels and products.
In other words, while the global market is getting choppier, domestic U.S. supply looks better covered, relatively speaking. This dynamic blows out the transatlantic spread.
U.S. crude oil is still up sharply for March overall, but it is underperforming Brent as the Middle East shock increasingly prices the seaborne supply problem first. Ghana: GOIL Reclaims Its Position As Market Leader In Petroleum Product Distribution
GOIL PLC has reclaimed its position as the leading and largest Oil Marketing Company (OMC) in terms of petroleum product sales and assets in the Republic of Ghana, after losing it a year ago to Star Oil Ghana, another indigenous petroleum downstream player.
Data from the National Petroleum Authority (NPA), the regulator of the petroleum downstream sector, shows that total product sales by GOIL PLC for January and February 2026 surpassed those of Star Oil Ghana, marking the end of Star Oil’s recent dominance.
Vivo Energy Ghana Limited, distributors and marketers of Shell’s products, ranked third, followed by Zen Petroleum, another indigenous OMC, with TotalEnergies ranking fifth.
According to data on the NPA website, GOIL sold 81,742,500 litres of petrol, 57,040,500 litres of diesel, 2,659,270 kilograms of LPG, and 16,730,894 litres of other petroleum products in January and February. This brought its total sales volume to 158,173,164 litres, representing an 11.93% market share.
Star Oil Ghana sold 94,041,000 litres of petrol, 59,930,000 litres of diesel, and 1,766,710 kilograms of LPG, bringing its total sales volume to 155,737,710 litres, representing an 11.74% market share. Notably, Star Oil recorded the highest sales volumes for both petrol and diesel during the period.
Vivo Energy Ghana Limited sold 42,846,600 litres of petrol, 39,422,300 litres of diesel, and 10,277,200 litres of other petroleum products, bringing its total to 92,546,100 litres and a 6.98% market share.
Zen Petroleum sold 18,415,000 litres of petrol, 15,029,000 litres of diesel, and 36,815,000 kilograms of LPG, bringing its total to 70,259,000 litres and a 5.30% market share.
TotalEnergies sold 27,063,000 litres of petrol, 26,802,000 litres of diesel, and 884,130 kilograms of LPG, bringing its total to 53,749,130 litres and a 4.13% market share.
In terms of retail network size, GOIL operates over 400 stations, while Star Oil Ghana, Vivo Energy, and TotalEnergies each operate over 250 stations. Zen Petroleum operates more than 60 stations.
Overall, Ghana has more than 180 Oil Marketing Companies, with over 5,000 filling stations nationwide.
Commenting on the development, Edward Abambire Bawa, Group CEO and Managing Director, celebrated the achievement and praised the hardworking staff of the company for their contribution to the success.
He also commended the marketing team, staff, dealers, and forecourt personnel for their commitment, resilience, and execution, noting that they have been truly instrumental.
He further extended heartfelt appreciation to GOIL’s loyal customers and stakeholders, stating that their trust continues to power the company’s success.
“Let us not relent. This milestone is only a foundation. Together, we must push even harder to consolidate our lead and set even higher standards for ourselves and the industry. Keep delivering excellence,” he concluded.
Russian Oil Tanker Arrives In Cuba As Moscow Vows To Stand By Havana
Russia said on Monday that an oil tanker carrying 100,000 metric tons of crude oil had arrived in Cuba and that Moscow would stand by its friends by working on further supplies despite a U.S. blockade of the Communist-run island.
The U.S. cut off Venezuela’s oil exports to Cuba after toppling Venezuelan President Nicolas Maduro on January 3, and U.S. President Donald Trump threatened to slap punishing tariffs on any other country that sent crude to Cuba.
But Trump on Sunday signaled he was reversing course and expressed sympathy for the Cuban people’s need for energy.
The Anatoly Kolodkin was waiting to offload at the port of Matanzas, Russia’s transport ministry said.
The Kremlin said it had raised the issue of the tanker during talks with the U.S. but that Russia felt it had a duty to support “friends” in Cuba.
“This issue was indeed raised in advance during contacts with our American partners,” Kremlin spokesman Dmitry Peskov told reporters.
Cuba has not received an oil tanker in three months, according to President Miguel Diaz-Canel, and its energy crisis has caused blackouts across the country of 10 million.
Health officials say the crisis has increased the mortality risk for cancer patients, especially children.
Cuba became dependent on the Soviet Union for oil after its communist revolution in 1959, and needs imported fuel oil and diesel to generate power.
Asked if further Russian shipments would follow, Peskov said: “In the desperate situation that Cubans now find themselves in, this, of course, cannot leave us indifferent, so we will continue to work on this.”
LSEG ship-tracking data showed the Russian tanker had left the Russian Baltic Sea port of Primorsk on March 8 and was now moving along Cuba’s northern shore.
South Africa: Free Electricity Allowance To Rise After 20 Years, Minister Confirms
South Africa’s Minister for Electricity Kgosientsho Ramokgopa has indicated that the current 50 kilowatt-hour (kWh) monthly free electricity allowance for poor households is outdated and under review.
Speaking at the National Assembly on Wednesday, Ramokgopa said that the allowance has remained unchanged for more than two decades and no longer reflects modern living conditions.
He explained that electricity consumption patterns have evolved, noting that many low-income households now own appliances such as televisions, electric kettles, and refrigerators.
“Twenty-three years later, that number is no longer relevant because the profile of consumption has changed. An average poor household now has a television; some have bought an electric kettle, and they have refrigerators, so consumption has changed. As part of our intervention, we are revising that number,” he said.
The proposed adjustment will form part of a new electricity pricing policy expected to be released in the coming weeks.
Ramokgopa also highlighted that more than 1.6 million households in South Africa still lack access to electricity. He said the new policy will propose diversifying primary energy sources to reduce costs.
However, he cautioned that any increase in the free basic electricity allowance must not place additional strain on the national fiscus.
While confirming that the allowance will be increased, Ramokgopa did not provide specific figures, stating that details will be announced once the policy is finalized.
Meanwhile, from 1 April 2026, households in South Africa that receive electricity from Eskom will face an 8.76% price increase, with a follow-up tariff hike of 9.01% for municipal customers slated for 1 July 2026.
Altogether, the incoming hikes will see some South Africans paying around 28% more for electricity each month due to fixed-fee increases, even as the cost per unit of electricity decreases.
Ghana: Surge In Electric Vehicle Adoption Risky — Togobo
A former Director of Renewable Energy at the Bui Power Authority, a state-owned power generation company, Mr. Wisdom Ahiataku Togobo, has cautioned against the rapid adoption of electric vehicles (EVs) in Ghana, warning of a potential surge in power demand without adequate measures in place.
He urged the government and industry stakeholders to proactively maximize the benefits of EVs while managing potential risks to the national electricity grid.
Currently, more than 177,000 electric vehicles are in Ghana, according to a recent report by the Energy Commission.
Mr. Togobo shared these views in a recent interview with a local radio station, monitored by Energy News Africa in Accra.
He warned that unchecked EV growth could overwhelm the grid but praised Ghana’s Minister for Energy and Green Transition for committing to regulate charging infrastructure to ensure a smooth and sustainable transition.
He also called for effective planning and an increase in generation capacity to meet rising demand.
“If you look at the national energy statistics for 2025, it’s clear that electricity from Akosombo, Ameri, and thermal plants accounts for just 18% of total energy consumed in the country,” he said.
“Petroleum products, mainly diesel and petrol, account for 55%, according to the Energy Commission. Reducing demand for these in favor of electricity will require expanding our generation capacity.”
Ghana’s current capacity is only adequate for existing demand, he noted, so any sudden surge could trigger “dumsor.”
“That is why the Minister is right to regulate the process,” he added.
On the use of solar power for EV charging, Mr. Togobo said it can play a role—for example, in daytime office charging when vehicles are idle and sunlight is abundant—but its contribution is limited.
Most charging occurs at night, when solar power is unavailable, so Ghana cannot rely on it alone.
He urged the development of swift and affordable alternatives beyond solar.
He further underscored the need for Ghana to fast-track the expansion of power generation through natural gas and the country’s nuclear energy agenda.
Namibia Cuts Fuel Levies By 50% As Global Oil Prices Surge
The Namibian government has cut fuel levies by 50 percent for three months as part of a raft of measures to cushion citizens from the impact of rising fuel prices caused by the ongoing Middle East conflict.
The country’s Minister for Industries, Mines and Energy, Modestus Amutse, revealed that the decision was taken by Cabinet in response to extreme volatility in international oil markets.
“The Cabinet has resolved to temporarily reduce the number of levies imposed on fuel by 50% for three months, with effect from 1 April to June 2026.”
Amutse said the intervention was necessitated by a sharp surge in global oil prices during March, driven by escalating geopolitical tensions in the Middle East involving the United States, Israel, and Iran, which have heightened uncertainty and pushed up crude oil and refined fuel costs.
Despite the levy relief, fuel prices will still rise from April, with petrol increasing by N$2.50 per litre and both diesel variants rising by N$4 per litre.
Ghana: ECG To Replace Transformers In Parts Of Accra From April 8
The Electricity Company of Ghana (ECG) has announced a major transformer replacement and upgrade exercise in selected areas of Accra, beginning in April 2026.
Phase 1 will run from April 8 to 10, 2026, and will involve brief planned outages, according to a statement issued by Dr. Charles Nii Ayiku Ayiku, Acting Director of Communications for ECG.
The exercise will begin with the upgrade of 12 transformers across six primary substations—Adenta, La, Teshie-Nungua, Nmai-Dzor, Baatsonaa, and Lashibi—from 20/26 MVA to 30/39 MVA. This is aimed at improving load-handling capacity and reducing overloads.
ECG stated that the intervention forms part of its ongoing efforts to enhance reliability, stability, and capacity nationwide.
The company has assured customers that every effort will be made to minimise the duration and impact of the outages.
It also encouraged residents and businesses to follow published schedules and plan accordingly.
Oil Prices Surge Amid Multi-Front Middle East Tensions And Supply Fears
Oil prices had another volatile start to the week before breaking out due to a combination of military escalation and diplomatic breakdowns.
At the time of writing, after climbing to $116 and then briefly falling to $114, Brent Crude was trading at $116.69, up 3.66%. Meanwhile, West Texas Intermediate had risen 3.18% to $102.80.
Another weekend of escalation in the conflict began with an Iranian strike on Prince Sultan Air Base in Saudi Arabia on Saturday, wounding at least 15 U.S. service members and damaging key aerial refueling assets.
The strike could hinder Saudi air defenses, heightening the risk of a successful attack on the Kingdom’s energy infrastructure.
Fears of further disruption to oil markets worsened as Yemen’s Houthi rebels formally entered the conflict, launching ballistic missiles toward southern Israel and signaling that the Bab el-Mandeb Strait may now be at risk.
While the Strait of Hormuz is the world’s most important oil chokepoint, the Bab el-Mandeb Strait has provided some relief for markets, with Saudi Arabia redirecting oil through its East-West Pipeline to the Red Sea. If the Houthis were to shut that route as well, the supply crisis would worsen significantly.
Over the weekend, the U.S. continued its military buildup in the region with the arrival of the 31st Marine Expeditionary Unit, which consists of 3,500 personnel and specializes in amphibious raids.
This heightened concerns that the U.S. may attempt to take Kharg Island or deploy troops in some other area.
Reporting from the Wall Street Journal suggests that the President is considering an operation to extract Iran’s uranium.
President Trump added fuel to the fire in a Sunday interview with the Financial Times when he said his preference would be to “take the oil in Iran,” a move that would require seizing Kharg Island.
Elsewhere, Israel launched a new wave of airstrikes over the weekend targeting sites in Tehran, including a heavy-water plant and a yellowcake production facility, which resulted in partial power outages in the city.
Pakistan’s Foreign Minister Ishaq Dar said Islamabad is prepared to host talks between the U.S. and Iran, but it remains unclear how committed either side is to negotiations.
Iranian Parliament Speaker Mohammad Bagher Qalibaf dismissed the prospect of negotiations, warning that Iranian forces are prepared for American soldiers and will “set fire to their souls and punish their regional partners forever.”
That rhetoric, combined with continued strikes across the region and a U.S. troop buildup, has led markets to largely discount diplomatic progress for now.
Zambia: President Hichilema Orders Probe Into Suspected Fuel Hoarding By OMCs
Zambian President Hakainde Hichilema has expressed grave concern over the fuel shortages reported across the country in recent days, which are suspected to have arisen from deliberate hoarding by certain entities.
This situation persists despite clear assurances provided by Oil Marketing Companies (OMCs) during his recent meeting at State House regarding the availability of the commodity.
While acknowledging prevailing global supply pressures arising from the conflict in the Middle East, officials from the Ministry of Energy and the Energy Regulation Board (ERB) have assured Zambians that the country has adequate fuel stocks to meet domestic demand.
In a statement issued by Clayson Hamasaka, Chief Communications Specialist at State House, it was noted that fuel remains the lifeblood of the economy; hence, any attempts to manipulate its supply are not only irresponsible but also constitute economic sabotage and a direct violation of existing laws.
The statement added that President Hakainde has since directed the ERB, in collaboration with relevant law enforcement agencies, to immediately investigate on the ground and enforce existing laws.
This may include the revocation of licenses for those found culpable.
Nigeria: Tinubu Approves Expansion Of PiCNG To Include Electric Vehicles
Nigeria’s President, Bola Ahmed Tinubu, has approved the expansion of the Presidential Initiative on Compressed Natural Gas (PiCNG) to include electric vehicles (EVs).
With this approval, the initiative will now be known as the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (PiCNG & EV).
The expanded mandate positions PiCNG & EV to lead and coordinate Nigeria’s clean mobility strategy, covering both gas-powered and electric vehicles nationwide.
This was announced in a statement issued by the Presidential Spokesperson, Bayo Onanuga, on Thursday in Abuja.
The initiative will continue to drive the deployment of CNG infrastructure, including mother and daughter stations, integrated refuelling units, and nationwide vehicle conversion programs.
It will also oversee the rollout of electric vehicles, EV charging infrastructure, and related investments across the country.
Mr. Onanuga noted that gas remains a competitive and strategic fuel for transportation, leveraging Nigeria’s abundant resources to reduce costs and enhance energy security.
He added that the shift would also help conserve foreign exchange and support a more sustainable transport ecosystem.
According to the presidential spokesperson, the inclusion of EVs further strengthens the government’s agenda for affordable, efficient, and environmentally responsible mobility.
President Tinubu also directed the Executive Chairman of PiCNG & EV, Ismaeel Ahmed, to immediately establish a coordinated process for the rapid deployment of vehicle conversion kits nationwide.
The president emphasized that the kits must be made accessible to Nigerians at affordable and non-burdensome costs.
To achieve this, the initiative will collaborate with CreditCorp Nigeria, financial institutions, and other partners to design cost-effective financing models, ensuring that vehicle conversions are widely accessible to the public.
President Tinubu further directed the accelerated deployment of Mobile Refuelling Units (MRUs) to expand access to CNG infrastructure while permanent facilities are being developed. The initiative is expected to play a central role in Nigeria’s transition to cleaner and more sustainable transportation systems.
Ghana: ECG Blames Heavy Rains For Power Outages In Greater Accra
The Electricity Company of Ghana (ECG) has attributed the power outages experienced in parts of the Greater Accra Region on Sunday to heavy rains that caused faults on its distribution network.
According to the power utility, the downpour triggered technical faults, leading to interruptions in electricity supply across several affected communities within the region.
In a statement issued on Sunday, March 29, 2026, ECG assured customers that its engineers are working diligently to identify and repair the faults in order to restore power as quickly as possible.
ECG further urged customers experiencing outages within their individual premises to contact its Contact Centre on 0302611611, visit the nearest ECG office, or reach out via its official social media platforms.
The company apologised for the inconvenience caused and appealed to customers for patience while restoration works continue.
Botswana: Fuel Prices Increase Sharply
Fuel prices rose significantly in Botswana on Saturday as a result of the ongoing Middle East conflict.
Botswana’s Energy Regulatory Authority (BERA) announced the upward adjustment in a statement on Friday.
Ahead of the increase on Saturday, several vehicles queued at retail stations to refuel, causing heavy traffic in many areas.
The retail pump price of Unleaded Petrol 95 has risen by 505 thebe per litre ($0.37), while Diesel 50ppm increased by 877 thebe per litre ($0.65).
The price of illuminating paraffin has increased by 1,055 thebe per litre ($0.78).
BERA stated that the adjustments are in response to developments in the international oil market.
Average Brent crude oil prices increased between February and March 2026, with daily prices reaching approximately US$119.50 per barrel—levels last recorded about four years ago.
The authority indicated that geopolitical developments in the Middle East, including reported attacks on shipping and energy infrastructure, as well as concerns over tanker movements through the Strait of Hormuz, have contributed to supply uncertainties and rising prices.
BERA also noted increases in international refined petroleum product prices over the same period. Unleaded Petrol 95 rose from US$79.70 to US$127.29 per barrel, diesel from US$91.18 to US$173.93 per barrel, and illuminating paraffin from US$90.97 to US$191.87 per barrel.
The authority stated that the price adjustment is necessary to align domestic fuel prices with international market trends, adding that Botswana remains a price taker in the global oil market.
BERA said it will continue to monitor global developments and adjust prices as necessary.
Ghana Gas Donates Computers To Schools To Boost Inclusive Education
Ghana National Gas Company Limited (Ghana Gas) has donated 20 desktop computers to three institutions in the Central and Western Regions: the University of Cape Coast (UCC), St. John’s Senior High School, and the Cape Coast Basic School for the Blind and Deaf.
The initiative forms part of Ghana Gas’ broader drive to promote inclusive education, particularly for students with visual impairments.
Out of the total donation, ten (10) desktop computers were presented to the University of Cape Coast, five (5) to St. John’s Senior High School in Takoradi, and another five (5), together with speakers and pen drives, to the Cape Coast Basic School for the Blind and Deaf.
Speaking on behalf of Ghana Gas, Isaac Ansah, Disability Liaison Officer, highlighted the impact of the initiative.
“These computers have become vital learning tools, enabling students with visual impairments and other disabilities to access digital resources, complete academic work independently, and develop essential technological skills,” he said.
He added that teachers and administrators have reported improved student engagement, greater independence, and a stronger culture of inclusion in beneficiary schools.
Receiving the items on behalf of the Vice-Chancellor of UCC, Professor Irene Vanderpuye, Associate Professor of Special and Inclusive Education, commended Ghana Gas for the timely intervention.
She emphasized the critical role of ICT in modern education, particularly for students with disabilities.
“ICT is key in every academic programme students undertake. In today’s world, it is especially important for students with disabilities, particularly those with visual impairments, to acquire computer skills,” she noted.
Since launching the nationwide computer donation initiative, Ghana Gas has provided over 150 desktop computers to primary, secondary, and tertiary institutions across the country, reinforcing its commitment to inclusive growth and empowering communities through digital access.
Angola: Local Firms’ Participation In Oil And Gas Sector Surges
Angola is intensifying the integration of local companies into the oil and gas sector, particularly in areas such as logistics, industrial maintenance, and the supply of technical goods and services.
The National Director for Training and Local Content at the Ministry of Mineral Resources, Petroleum and Gas (Ministério dos Recursos Minerais, Petróleo e Gás), Domingos Francisco, on Thursday, March 26, 2026, highlighted the progress the country has made in integrating local companies into the sector.
According to the official, who spoke at the Annual Local Content Conference held in Luanda, some of the achievements include increased participation of Angolan companies in large-scale projects, the placement of Angolan professionals in strategic industry positions, reduced reliance on expatriate labour, increased local hiring and job creation, as well as the strengthening of the national business sector, particularly in oil-producing provinces.
“Angolan companies are taking on more complex operational responsibilities and demonstrating the capacity to execute large-scale projects. In addition, technical and vocational training programmes have enabled Angolan professionals to occupy leadership positions and contribute to the development of the sector,” Domingos Francisco said.
The Director emphasized the importance of implementing more comprehensive pilot projects and signing longer-term contracts to enable local companies to invest and expand their operations.
He also highlighted the need to strengthen human capital through training, capacity building, and the promotion of knowledge and technology transfer to national companies.
The conference is expected to end on March 27, with a focus on translating discussions into concrete measures for the sustainable and inclusive development of Angola’s energy sector.