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.

Ghana: ECG Warns Of Possible Outages Despite Restoring Power To Dodowa, Valley View Feeders

The Electricity Company of Ghana (ECG) says that although it has restored power supply to the Dodowa and Valley View feeders, there are still technical constraints that may lead to outages in some areas served by these feeders. In a statement, ECG attributed the power supply interruptions experienced in Dodowa, Oyibi, and surrounding areas to multiple faults on the feeders in Valley View and Dodowa. The statement noted that one of the faults was successfully resolved at 10:05 PM on Wednesday night. It added that work is ongoing to construct a new 10-span overhead line to bypass a damaged 33kV cable that has recently caused repeated disruptions. Despite deploying three contractors, ECG said the line works could not be completed on Thursday. It assured that work will resume today with additional resources to expedite completion. According to ECG, due to ongoing technical constraints, load from two feeders is currently being managed on a single feeder to maintain system stability. The power distributor apologised for the inconvenience and appreciates the public’s patience as it works to improve service reliability.

Nigeria: NUPRC Seals 3D Seismic Data Acquisition Deal With SeaSeis & TGS

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has signed a Petroleum Exploration Licence (PEL) No. 5 agreement with SeaSeis Geophysical Limited (SeaSeis), authorizing the company, in partnership with the Commission and TGS, to undertake the acquisition and processing of new 3D seismic and gravity data.

The agreement was signed earlier this week at the Commission’s headquarters in Abuja.

The major seismic data acquisition project, PEL No. 5, covers an area of 11,700 square kilometres offshore the eastern Niger Delta, in water depths ranging from 400 to 2,800 meters.

The licence is expected to unlock stronger prospectivity, enhance subsurface understanding, and support more efficient development of Nigeria’s hydrocarbon resources, in line with Section 71 (1–10) of the Petroleum Industry Act (PIA) 2021.

Commenting on the agreement, the Chief Executive of NUPRC, Mrs. Oritsemeyiwa Eyesan, said the issuance of the PEL 5 licence reflects the Commission’s continued commitment to data-driven exploration, transparency, and long-term value creation for Nigeria and the oil and gas sector.

In his remarks, the Managing Director of SeaSeis Geophysical Limited, Mr. Goke Adeniyi, described the PEL 5 as the company’s largest project in Africa, noting that it underscores the scale of opportunity within Nigeria’s upstream sector.

Kenya: Shell Stations Run Out Of Fuel Amid Middle East Tensions

Vivo Energy Kenya, the licensed distributor of Shell fuels, says it is working around the clock to restock service stations that ran dry as demand surged this week.

In a statement, the company confirmed temporary stockouts at “some” locations and pledged continuous monitoring and rapid replenishment.

The notice did not specify which sites were affected or provide a timeline for when normal supply would resume.

It attributed the shortages to increased demand and thanked customers for their “continued patronage,” while apologizing for the inconvenience.

Motorists in Nairobi reported queues and dry pumps on Tuesday evening, particularly for petrol.

Vivo Energy is the licensed retailer for Shell-branded fuels in Kenya and also operates lubricants and commercial supply operations.

The company says it remains committed to keeping its network—and the essential services that rely on it—fully supplied.

Earlier this week, Energy Cabinet Secretary Opiyo Wandayi warned oil marketing companies (OMCs) in the East African nation against hoarding fuel and creating artificial shortages in anticipation of higher prices due to the conflict in the Middle East.

“Notwithstanding the stable supply position, we note with concern reports of product hoarding and speculative withholding of stocks,” Wandayi said.

“This conduct is commercially opportunistic, contrary to the public interest, and in direct breach of licensing obligations.”

He reminded OMCs of their obligation to maintain continuous supply and to sell fuel at prices set by the Energy and Petroleum Regulatory Authority (EPRA).

The Cabinet Secretary maintained that Kenya has adequate fuel reserves, with the Kenya Pipeline Company holding 102 million litres of petrol, 146 million litres of diesel, and 167 million litres of kerosene/Jet A-1.

“These stocks are sufficient to meet national demand, benchmarked against average daily consumption,” he said.

Trump Pauses Strikes On Iran Energy Plants Until April 6

U.S. President Donald Trump said on Thursday that he was pausing strikes on Iran’s energy plants for 10 days at Tehran’s request, adding that talks were going well. “As per the Iranian government’s request, please let this statement serve to represent that I am pausing the period of energy plant destruction for 10 days, until Monday, April 6, 2026, at 8:00 p.m. Eastern Time,” he said in a post on Truth Social. “Talks are ongoing and, despite erroneous statements to the contrary by the fake news media and others, they are going very well,” he added. Meanwhile, U.S. President Donald Trump appears to be leaning toward ordering a major ground operation against Iran, The Times of Israel reported, citing an official from a country mediating between Washington and Tehran. The U.S. reportedly recognizes that Tehran is unlikely to agree to the concessions outlined in Washington’s 15-point plan and has dispatched thousands of troops to the region to capture Iran’s Kharg Island on Trump’s orders, the report said, citing the official. The report also cited a second official from a mediating country as warning that while U.S. forces may be able to capture the island, holding it would likely require significantly more troops and a longer campaign than the four-to-six-week timeframe publicly suggested by Washington. Israel’s military said on Thursday that its air force carried out around 20 waves of strikes over the past 24 hours targeting Iranian military infrastructure in western Iran. The military said the strikes hit dozens of sites, including locations in Kermanshah and Dezful. It added that about 70 munitions were used to target facilities involved in the storage and launch of ballistic missiles, as well as air defense systems. Iran’s Parliament Speaker, Mohammad Bagher Ghalibaf, said the country would continue fighting until it breaks what he described as the cycle of “war–ceasefire–war.” In a post on his X account addressed to the “heroic nation of Iran,” Ghalibaf said public mobilization and the sacrifices of Iran’s armed forces over the past 25 nights had created conditions for what he called a “historic victory.” “No one can issue ultimatums to Iran or the Iranian people,” he wrote. Ghalibaf added that Iran’s forces would not lose the opportunity created by the war and would press on until “complete victory” and the end of the cycle of “war–ceasefire–war.” Iran’s Foreign Minister, Abbas Araghchi, accused U.S. soldiers of fleeing military bases in Gulf Cooperation Council (GCC) countries and taking shelter in civilian locations. “From the outset of this war, U.S. soldiers fled military bases in GCC countries to hide in hotels and offices,” Araghchi wrote on X. He alleged that the move amounts to using Gulf civilians as “human shields.” “Hotels in the U.S. deny bookings to officers who may endanger customers,” he wrote. “GCC hotels should do the same.” Araghchi also said on Sunday (March 23) that the Strait of Hormuz remains open, but ships are hesitant to pass due to the war initiated by the U.S. and Israel against Iran. His comments came within 24 hours of President Trump issuing an ultimatum to Iran over the reopening of the Strait of Hormuz. In a post on X, Araghchi wrote: “The Strait of Hormuz is not closed. Ships hesitate because insurers fear the war of choice you initiated—not Iran.” He added that vessels belonging to what he described as aggressor parties “cannot be considered normal and non-hostile passage” and would be dealt with in accordance with the legal framework arising from the conflict, as well as decisions by Iranian authorities. He also criticized the U.S. president, saying Iran would not be “swayed by more threats,” even after Trump warned he could “hit” and “obliterate” Iran’s power plants if the Strait of Hormuz is not reopened. “Freedom of navigation cannot exist without freedom of trade. Respect both—or expect neither,” he said.

Rosatom, BRICS Nuclear Platform Launch “Atoms Empowering Africa” Contest To Promote Nuclear Development

Russia’s state nuclear corporation Rosatom has announced the launch of the ninth edition of the Atoms Empowering Africa video contest. The initiative provides young people across Africa with an opportunity to share their perspectives on how nuclear technologies can be used to address pressing development challenges. This year’s competition places a strong emphasis on cooperation within the BRICS Nuclear Platform. “The BRICS Nuclear Platform is designed to create new opportunities for collaboration in the peaceful use of nuclear technologies. By linking this year’s Atoms Empowering Africa contest to the Platform, we hope to encourage young Africans to explore how international cooperation can help address real challenges in their countries. Their ideas and perspectives are an important part of building a more innovative and inclusive global nuclear community,” said Elsie Pule, Head Coordinator of the BRICS Nuclear Platform. Participants are invited to submit short videos explaining how the platform could support sustainable development in their countries. Entries should focus on one of five topics: The Role of Nuclear Energy in the Future of BRICS Countries, How Nuclear Technologies Improve People’s Lives (with emphasis on non-power applications), Youth and the BRICS Nuclear Platform, Cities and Regions of the BRICS Nuclear Platform, and The BRICS Nuclear Platform: Vision for 2030. The contest is open to Africans aged 18 to 35. “Across many African countries, the role of modern nuclear technologies in long-term development is gaining increasing attention—from ensuring reliable energy supply to advancing healthcare and agriculture. The Atoms Empowering Africa contest helps engage a new generation—students, entrepreneurs and young professionals from across the continent—in this important conversation. This year, participants are also encouraged to explore the potential of cooperation within the BRICS Nuclear Platform,” said Ryan Collyer, CEO of Rosatom Central and Southern Africa. Submissions will be accepted until May 1, after which a jury will evaluate entries based on originality, clarity of presentation, and the relevance of the proposed solutions to specific regions. A maximum of one winner per country will be selected, either as an individual or a team of two. “For those who want to compete in this year’s contest—don’t take it lightly. It’s a serious competition and once-in-a-lifetime experience,” said Emmanuel Adom, one of the 2023 winners from Ghana. Last year, the contest received 50 submissions, with 13 winners selected from six countries: South Africa, Egypt, Kenya, the Democratic Republic of Congo, Burundi and Namibia.

Russia, Uzbekistan Sign Nuclear Cooperation Roadmap

Russia and Uzbekistan have commenced concrete works at a nuclear power plant (NPP) construction site in the Farish District of the Jizzakh Region, marking a key milestone in the development of a small-scale nuclear facility powered by a RITM-200N reactor. The start of construction activities was marked by senior project officials, including Vice President and Project Director for the Uzbekistan NPP project at Atomstroyexport, Pavel Bezrukov, and Director of Uzbekistan’s NPP Construction Directorate, Abdizhamil Kalmuratov. As part of preparatory works, approximately 900 cubic metres of concrete will be poured to form the base of the reactor building, a phase scheduled for completion in April 2026. Once completed, the foundation will be levelled, followed by the installation of waterproofing and grounding systems. The next major milestone will be the pouring of first concrete for the reactor building’s foundation slab. Ahead of construction, authorities approved the placement of two power units, each equipped with a RITM-200N reactor. The permit formalises the site selection and paves the way for full-scale construction of the small modular nuclear plant, in line with national regulations and international safety standards. In parallel, Rosatom and Uzbekistan’s Atomic Energy Agency (Uzatom) signed a roadmap for cooperation in nuclear and related fields in Tashkent. The agreement was endorsed by Rosatom Director General Alexey Likhachev and Uzatom Director Azim Akhmedkhadzhaev, alongside a supplementary contract for the NPP project. The roadmap outlines cooperation across key areas, including workforce training, public awareness of nuclear technologies, and plans for developing a future nuclear city near the plant. It underscores the expanding scope of Russia–Uzbekistan collaboration, with nuclear energy expected to support broader socio-economic development. “The signing of the roadmap and supplementary agreement, alongside the start of construction works, marks Uzbekistan’s entry into the forefront of the global nuclear power industry,” Likhachev said, noting the project’s potential to strengthen long-term energy security and technological capacity. Under the updated agreement, the NPP will adopt an integrated configuration combining two large-capacity Generation 3+ VVER-1000 reactors with two smaller RITM-200N units, each with a capacity of 55 MW. Globally, nuclear energy development continues to gain momentum. In February, Rosatom began pouring first concrete for Unit 5 at Hungary’s Paks Nuclear Power Plant, signalling the start of its main construction phase. The expansion of such projects highlights the growing scale and technological advancement of nuclear power worldwide. While countries like Hungary are strengthening long-term energy security, emerging regions—including Africa—are increasingly positioned to tap into nuclear energy to meet rising electricity demand and support economic growth.      

Liberia: Monrovia And Surrounding Towns Face Three-Day Power Outage

Liberia’s capital, Monrovia, and surrounding communities are likely to experience power supply interruptions from March 26 to March 28, the country’s power utility, the Liberia Electricity Corporation (LEC), has announced in a statement. According to the LEC, it received official communication from TRANSCO-CLSG, a regional transmission company that supplies power to Liberia, indicating that it will undertake maintenance activities on its 225kV transmission lines from March 26 to March 28, 2026, between 8:00 a.m. and 6:00 p.m. daily. The LEC also stated that Électricité de Guinée (EDG) has reported technical issues with generation; consequently, power supply to Liberia will be reduced until the issue is resolved. The corporation explained that parts of Monrovia and surrounding communities may experience power interruptions or outages during the stated period. “These temporary disruptions are necessary to facilitate essential upgrades and to ensure the long-term reliability and stability of the regional power supply network,” the LEC said. The power utility added that it will utilize its thermal and hydro generation capacity to provide partial electricity supply and advised customers to plan accordingly and take the necessary precautions throughout the maintenance period. The LEC assured its customers that it is working closely with its regional partners to minimize the impact of these disruptions and restore normal service. It also expressed appreciation for their continued patience and understanding as efforts continue to improve electricity supply across Liberia.