The United States government is planning to construct a new oil refinery on the southern U.S. border. The 168,000 barrels-per-day (bbl/d) refinery will be built at the Port of Brownsville with support from India’s Reliance Industries.
U.S. President Donald Trump revealed the plans as U.S. drivers face rising gasoline prices since the start of the U.S.–Israeli war with Iran.
Startup America First Refining reports that the refinery is expected to help offset $300 billion in the U.S. trade deficit with India, home to the world’s largest refining complex operated by Reliance Industries.
Reliance Industries has entered into a binding 20-year offtake term sheet with America First Company to procure products from the refinery.
This strategic move is expected to reduce India’s trade surplus with the United States—an issue that has previously been a point of contention for President Donald Trump—as Republicans and Democrats prepare for midterm elections that will determine which party controls Congress during the final two years of Trump’s presidency.
Tensions in the Middle East have heightened following the outbreak of the U.S.–Israeli war with Iran, which has disrupted energy markets and contributed to rising global oil and fuel prices.
The volatility has renewed concerns in the United States over fuel supply security and rising gasoline costs.
Ukraine on Thursday hit in a drone attack a key pipeline hub of Russia’s crude oil exports in the southern region of Krasnodar as Kyiv intensifies strikes on Russian energy and military infrastructure.
The pipeline terminal at Tikhoretsk, which hosts a major oil depot and a pumping station, was hit and a large fire broke out as a result, a source with knowledge of the situation told Bloomberg.
Tikhoretsk is a major oil transshipment and pumping station for Russian oil supply in it southern regions and for exports from its black sea ports of Novorossiysk and Tuapse.
The tikhoretsk pumping station distributes crude received via four main pipelines toward the black sea ports.
The attack at tikhoretsk could further complicate Russian oil exports from the black sea, which have been hampered in recent months by additional U.S. sanctions on Russian producers and frequent Ukrainian attacks and drone hits at the port of Novorossiysk and surrounding oil storage and pumping infrastructure.
Earlier this month, Ukrainian drones hit an Oil Terminal at Novorossiysk, setting the depot on fire.
Novorossiysk is a critical oil hub and loading terminal for a large part of Russia’s oil exports from the black sea.
It is also close to a terminal operated by the Caspian pipeline consortium (CPC) which operates the pipeline and loadings of crude oil from Kazakhstan’s huge oilfields.
The attacks on infrastructure and the hefty discounts of Russia’s crude to benchmarks in February sank Russian revenues from oil exports to the lowest level since the invasion of Ukraine four years ago, the international energy agency said today.
Russia’s crude and oil product export volumes slumped by 850,000 barrels per day to 6.6 million bpd in February, while total oil export revenues decreased to $9.5 billion, down by $1.5 billion from January, the IEA said in its oil market report for march.
Ghana’s energy institutions must craft deliberate strategies to tackle barriers facing women and enable them to contribute fully to national development, Deputy Chief of Staff Nana Oye Bampoe Addo has urged.
Speaking at the International Women’s Day Symposium and the launch of the Ghana Gas Ladies’ Association in Accra under the theme “Give to Gain,” she highlighted the unique hurdles women encounter in technical and industrial sectors.
These include limited access to specialised equipment and opportunities, workplaces that still need to evolve into more gender-friendly spaces, and lingering stereotypes that discourage women from pursuing careers in science and engineering.
To help shift this narrative, Nana Oye Bampoe Addo called on institutions to foster supportive environments, champion inclusive leadership, and build professional networks where women can mentor and uplift one another.
She praised the newly launched Ghana Gas Ladies’ Association as a vital step forward, noting that it will promote mentorship, professional growth, collaboration, knowledge sharing, and confidence-building among women in the energy industry.
The Deputy Chief of Staff contended that when women are supported to succeed in the sector, institutions become more innovative and societies become more prosperous.
Touching on women’s contributions across the upstream and downstream sectors of the energy value chain, she cited roles ranging from policy and leadership to engineering and technical expertise.
“When individuals and organisations give generously through mentorship, knowledge sharing, and opportunities, the result is greater progress and stronger opportunities for women,” Nana Oye Bampoe Addo asserted.
According to her, the International Women’s Day provides an important opportunity not only to celebrate women’s contributions but also to examine the gaps that still exist and renew collective commitment to closing them.
She told participants that it was fitting for women leaders, professionals, and mentors from across Ghana’s energy sector to mark the occasion together.
She used the occasion to celebrate hardworking women in Ghana’s energy sector, particularly Ms. Judith Adjobah Blay, Chief Executive Officer of Ghana Gas, and her female staff.
Ghana’s President, John Dramani Mahama, on Thursday commissioned a state-of-the-art liquefied petroleum gas (LPG) vessel christened “MT Asharami Ghana”, owned by Nigeria-based Sahara Group in South Korea, to boost LPG supply in Ghana and across West Africa as part of his working visit to the Asian country.
The vessel, which is expected to set sail for West Africa, represents a strategic addition to a growing fleet designed to support the evolving energy needs of the West African region.
Addressing a gathering of dignitaries, industry leaders, and partners, President Mahama said the event represented more than the launch of a single vessel.
Mr. John Dramani Mahama, President of the Republic of Ghana
Providing further context on Ghana’s energy landscape, the President revealed that the country currently produces about 50 percent of its LPG needs locally and relies on imports to meet the remaining demand.
He said the commissioning of MT Asharami Ghana would strengthen the capacity to transport LPG safely, efficiently, and on a larger scale.
“This LPG vessel will strengthen our collective ability to transport LPG safely, efficiently, and at scale,” President Mahama explained.
He added: “In doing so, it will help ensure that businesses, industries, and households can depend on modern energy services that support economic growth and improve quality of life.”
President Mahama commended the leadership, technical expertise, and strategic foresight demonstrated by Sahara Group, WAGL Energy, and other partners involved in the project.
He said their commitment illustrates what can be achieved when innovation, investment, and collaboration come together to bridge infrastructure gaps and unlock sustainable economic opportunities across Africa.
The commissioning, he added, also highlights the enduring value of international cooperation and the strength of partnerships between Africa and its global partners, built on mutual respect and a shared commitment to sustainable development.
President Mahama expressed hope that MT Asharami Ghana would serve as a symbol of progress and inspire further investment, innovation, and collaboration across Africa’s energy value chain.
“Together, we can build the infrastructure, partnerships, and policies necessary to secure a sustainable and prosperous energy future for our continent,” he said.
The Managing Director of Asharami Ghana, Madam Yaa Serwaa Alifo, stated that expanding LPG storage and distribution capacity aims to improve supply reliability, strengthen market stability, and position Ghana to meet rising demand driven by industrial growth and clean cooking initiatives.
She described the vessel commissioning as a strategic investment that strengthens Ghana’s downstream petroleum infrastructure and enhances national energy security.
Madam Alifo said the vessel represents confidence in Ghana’s growth, confidence in the regulatory framework, and confidence in the long-term sustainability of the downstream sector.
She stated that the investment aligns with President Mahama’s vision of building a resilient and sustainable downstream sector that promotes cleaner energy solutions while ensuring accessibility and security of supply for Ghanaian households and businesses.
“Today, we commission not merely an asset at sea, but a stronger foundation for Ghana’s energy future — a decisive step forward in building a resilient, secure, and modern downstream sector,” Madam Alifo said.
The Managing Director acknowledged the leadership of the Minister of Energy and the National Petroleum Authority in maintaining regulatory discipline, stating that strong oversight remains essential to sustainable sector growth.
She pledged that Sahara Group remains committed to investing responsibly, operating safely, and partnering with stakeholders to contribute meaningfully to Ghana’s energy transformation.
Madam Alifo also expressed appreciation to partners and hosts for their technical expertise and collaboration in delivering the project, noting that the achievement is the result of a shared commitment between government, regulators, the private sector, and international partners.
South Africa travellers are likely to face significantly higher flight prices after jet fuel costs increased by approximately 70% at two of the country’s three major airports.
According to a report by SABC News, both Cape Town International Airport and King Shaka International Airport in Durban have raised the cost of Jet A1 fuel in response to rising global oil prices triggered by the conflict in the Middle East.
The country’s domestic airline, FlySafair, earlier announced that it would introduce a temporary fuel surcharge on ticket prices as a result.
The surcharge is expected to come into effect on Thursday and will apply only to flights departing on or before May 12, 2026.
Aviation expert Linden Burns told SABC that South Africans could see airlines implementing a number of measures in the coming weeks to mitigate rising fuel costs.
“The other way airlines can mitigate costs would be to try to consolidate flights, reduce the number of flights they operate, and ensure they maximise and fill the aircraft they have rather than flying as often,” Burns said.
“That hasn’t happened yet. We’re not seeing airlines moving to those levels because there is still strong demand for air travel. But if the economy takes a serious downturn and conditions worsen, we could start seeing demand for travel — particularly discretionary travel — decline, which may lead airlines to reduce capacity,” he added.
Oil markets are bracing for an even bigger potential price shock with Iran on Wednesday warning that crude could surge to $200 per barrel if the war involving the U.S. and Israel continues to destabilize the Middle East’s energy corridors.
Ebrahim Zolfaqari, spokesperson for Iran’s Khatam al-Anbiya military command headquarters, warned the world to “get ready for oil to be $200 a barrel,” arguing that regional security has been destabilized by the ongoing bombing campaign against Iran.
The $200 oil price tag warning follows a major Iranian drone strike on Wednesday on Oman’s largest oil storage facility.
Tehran also warned that no oil shipments will be allowed to pass through the Strait of Hormuz until the attacks stop, placing the world’s most critical oil chokepoint at the center of the escalating conflict.
The narrow waterway between Iran and Oman normally handles roughly 20% of global oil supply and a large share of LNG trade, making any sustained disruption a major threat to global energy markets.
Oil prices have already reacted violently to the growing risk.
Brent crude briefly surged to around $120 per barrel earlier this week before retreating toward the $90 range after U.S. President Donald Trump suggested the conflict might end soon. Renewed attacks on shipping and infrastructure, however, have quickly revived fears of supply disruptions.
Security incidents across the Persian Gulf are continuing to mount. Maritime authorities and ship-tracking firms report a growing number of attacks on commercial vessels operating near the Strait of Hormuz, with several ships struck in the latest round of incidents.
Tanker movements through the region have already begun slowing as insurers and ship operators reassess the risks of transiting the corridor.
Energy analysts say the conflict is increasingly evolving into a direct confrontation over the Middle East’s oil supply network, with strikes now targeting ports, storage terminals, commercial shipping and export routes across the region.
Egypt has announced an upward adjustment in the prices of petroleum products due to what it described as exceptional circumstances in international energy markets, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR).
According to the ministry, the price of 95-octane gasoline increased by around 14.3% to EGP 24.00 per litre, while 92-octane gasoline rose by about 15.6% to EGP 22.25 per litre. The price of 80-octane gasoline also increased by roughly 16.9% to EGP 20.75 per litre.
The price of diesel increased by about 17.1% to EGP 20.50 per litre, while the price of compressed natural gas (CNG) for vehicles rose by around 30% to EGP 13 per cubic metre.
Meanwhile, the price of a domestic butane gas (LPG) cylinder (12.5 kg) increased by about 22.2% to EGP 275, while the price of a commercial LPG cylinder (25 kg) rose by roughly 22.2% to EGP 550.
The MoPMR said geopolitical developments in the Middle East and their direct impact on global energy markets have led to a significant increase in the costs of imports and domestic production.
It explained that supply chain disruptions, elevated risk levels, and rising maritime shipping and insurance costs have resulted in a sharp surge in global prices for crude oil and petroleum products, reaching levels the energy markets have not witnessed in years.
Since the direct conflict between Israel and Iran escalated following the launch of “Operation Epic Fury” on February 28, 2026, Brent crude oil prices have experienced significant volatility. Prices surged from around $72 per barrel to a peak of $119.50 on March 9, before retreating to roughly $94 per barrel on March 10 following signs of possible de-escalation.
In response to these challenges, the government said it is continuing efforts to boost domestic production and accelerate exploration and development of Egypt’s oil and gas resources. This is being pursued by incentivising investment partners to expand their activities as part of a broader strategy aimed at reducing the national import bill.
The government said it is closely monitoring market developments and costs to ensure the sustainability of petroleum product and gas supplies for citizens and all sectors of the economy.
According to the statement, the price adjustments represent a responsible response to global challenges, with energy security and stability of the domestic market remaining the top priorities.
The government increased fuel prices twice last year, in April and October, as part of efforts to phase out fuel subsidies under its structural reform programme with the International Monetary Fund (IMF).
In October, authorities said fuel prices would be frozen for at least one year, despite ongoing local, regional, and global developments.
Nigeria has temporarily suspended the enforcement and collection of helicopter landing fees imposed on oil and gas operators, following concerns raised by stakeholders in the petroleum industry.
The suspension follows a meeting on Monday attended by Minister of Aviation and Aerospace Development, Festus Keyamo; Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil); and representatives of major oil industry groups at the aviation ministry headquarters in Abuja.
A statement signed by Tunde Moshood, Special Adviser on Media and Communications, said the meeting discussed the implementation of the helicopter landing fee prescribed by the Nigerian Airspace Management Agency (NAMA) for helicopter operations carried out by international oil companies operating in Nigeria.
The petroleum sector delegation included Mrs. Oritsemeyiwa Eyesan, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), as well as representatives of the Oil Producers Trade Section (OPTS) and the Independent Petroleum Producers Group (IPPG).
Officials from the aviation ministry present at the meeting included the outgoing Permanent Secretary, Dr. Yakubu Adam Kofarmata; NAMA Managing Director, Engr. Umar Farouk; senior officials of the Nigeria Civil Aviation Authority (NCAA); and other stakeholders in the aviation sector.
During the meeting, oil industry representatives expressed concern that continued enforcement of the statutory fee on helicopter operations servicing oil facilities could disrupt critical operations within the sector.
The fee applies to helicopter operations involving oil fields, terminals, platforms, rigs, Floating Production Storage and Offloading (FPSO) facilities, as well as heliports, helipads, airstrips, and aerodromes used in the course of oil and gas operations.
Following deliberations, Minister Keyamo directed the temporary suspension of the enforcement and collection of helicopter landing fees for an initial period of two months.
He also announced that an inter-ministerial committee, comprising representatives from the aviation and petroleum sectors, will be constituted immediately to examine the issues raised and work toward an amicable resolution that produces an acceptable framework for all stakeholders.
Both ministers reaffirmed the commitment of their respective ministries to continue collaborating to ensure that regulatory policies support operational efficiency in the aviation and petroleum sectors, which remain critical pillars of the Nigerian economy.
The International Energy Agency (IEA) says its 32 member countries have unanimously agreed to make 400 million barrels of oil from their emergency reserves available to the market to address disruptions caused by the ongoing conflict in the Middle East.
The decision to take collective emergency action was made following an extraordinary meeting of IEA member governments held on Tuesday, convened by the agency’s Executive Director to assess market conditions amid the conflict and consider options to address supply disruptions.
This was contained in a statement issued by the IEA on Wednesday.
“The oil market challenges we are facing are unprecedented in scale; therefore, I am very glad that IEA member countries have responded with an emergency collective action of unprecedented size,” said Fatih Birol, Executive Director of the IEA.
“Oil markets are global, so the response to major disruptions needs to be global too. Energy security is the founding mandate of the IEA, and I am pleased that IEA members are showing strong solidarity in taking decisive action together,” he added.
According to the IEA, the emergency stocks will be released to the market over a timeframe appropriate to the national circumstances of each member country and will be supplemented by additional emergency measures by some governments.
IEA members currently hold emergency stockpiles of more than 1.2 billion barrels, with a further 600 million barrels of industry stocks held under government obligations.
“The coordinated stock release is the sixth in the history of the IEA, which was created in 1974. Previous collective actions were taken in 1991, 2005, 2011, and twice in 2022,” the statement said.
The conflict in the Middle East, which began on February 28, 2026, has significantly disrupted oil flows through the Strait of Hormuz, with export volumes of crude oil and refined products currently at less than 10 percent of pre-conflict levels. This has forced operators across the region to shut in or curtail a substantial amount of production.
An average of 20 million barrels per day of crude oil and petroleum products transited the Strait of Hormuz in 2025, representing around 25 percent of the world’s seaborne oil trade.
Iran has restricted oil flows through the Strait of Hormuz, contributing to the ongoing disruption in global oil supply.
Nigeria, Africa’s most populous country located in West Africa, which has long struggled to maintain a regular and reliable electricity supply to its citizens, last Friday set up an 11-member committee to oversee the creation of the Grid Asset Management Company Limited (GAMCO).
According to the Chief of Staff to the President, Femi Gbajabiamila, the committee will conduct a comprehensive review of existing laws, regulations, policies, and institutional frameworks governing the electricity value chain, including generation, transmission, distribution, and market operations.
The committee will also examine the implications of the Electricity Reform Laws (2025) and related unbundling arrangements on asset ownership, management, and regulatory oversight.
Among other responsibilities, it will identify areas of conflict, overlap, or inconsistency between the proposed GAMCO framework and existing legal and regulatory instruments.
The committee will also assess the legal status, ownership structure, and contractual obligations of the Niger Delta Power Holding Company (NDPHC) and the National Integrated Power Project (NIPP) assets, including the Omotosho, Olorunshogo, and Ihovbor power plants, which GAMCO plans to use during its pilot phase.
It will further evaluate the interface between GAMCO’s proposed mandate and the statutory functions of the Nigerian Electricity Regulatory Commission (NERC), and determine the fiscal, financial, and market implications of the proposal, including subsidy exposure, market liquidity, and revenue frameworks.
In addition, the committee will determine whether the establishment and operationalisation of GAMCO will require amendments to primary legislation, subsidy regulations, and executive directives.
However, the President’s decision to set up a committee to oversee the creation of GAMCO has ignited debate among power sector stakeholders, with some suggesting that the move indicates a lack of confidence in existing power sector institutions to resolve the country’s longstanding electricity crisis.
While some industry players believe GAMCO could be a game changer, others argue that it may add little value, citing the Presidential Power Initiative, which they say has failed to deliver the expected results.
In an interview with the Daily Trust, Prof. Dayo Ayoade, an energy law expert at the University of Lagos, said the inability of the transmission sector to wheel electricity to distribution companies remains a well-known bottleneck in the sector.
According to him, the creation of a commercial grid asset management company would mean the government continues to own the grid while its operations are run on a commercial basis.
He said the concept could attract private investment capital and help Nigeria recover stranded generation capacity.
“But we should think more deeply about this because the success of power sector reform depends on good governance, and we have little evidence of that,” he said.
“This amounts to a proliferation of institutions in the power sector. We already have too many conflicting and overlapping institutions, which could create more policy instability. In my view, these ad-hoc reforms often create new problems while trying to solve existing ones.”
Ayoade added that the power sector requires comprehensive reforms and stronger governance.
“It requires a holistic, top-to-bottom review that would streamline current institutions, eliminate duplication, and reduce the overall cost of managing these institutions. More importantly, we need total transparency of information and publicly available data so independent experts can assess the true state of the power sector.”
Meanwhile, Adetayo Adegbemle, Executive Director of PowerUp Nigeria, a consumer advocacy group, said the creation of GAMCO raises more questions than answers.
“What is happening with the Presidential Power Initiative or FGN PowerCo? Isn’t there an overlap of functions with GAMCO? What exactly is the end objective of GAMCO, and how will it interface with other stakeholders?”
He questioned how the proposed company would interact with the Ministry of Power, the Nigeria Integrated Energy Plan, and existing sector institutions.
Adegbemle warned that the continued creation of new agencies could further complicate the sector while Nigerians are still waiting for solutions to the country’s electricity challenges.
However, Barr. Bode Fadipe, Chief Executive Officer of Sage Consulting & Communications, believes the initiative could create the right environment for meaningful reform.
“Looking at the composition of the committee, there are eight ministers with the Chief of Staff as Chairman. The position of the Chief of Staff is strategically important in this matter,” he said.
He noted that the committee also includes three Senior Advocates of Nigeria, the Attorney-General of the Federation Festus Keyamo, and electricity law expert Yemi Oke, indicating that the enabling legislation would likely undergo careful legal scrutiny.
According to Fadipe, the inclusion of the Chairman of the Nigeria Revenue Service suggests that the government recognises the power sector’s potential as a major revenue source if properly managed.
Energy expert Othman Quchi, however, argued that the sector appears to be moving in reverse.
He noted that the Federal Executive Council approved the company before the committee was set up to determine its operational details.
“You would think the objectives would have been clearly defined before establishing the company,” he said.
Quchi warned that GAMCO could become merely a temporary fix if it fails to address the root causes of Nigeria’s electricity sector challenges.
“Fixing existing structures and tackling governance and liquidity issues head-on is the way forward. Adding another company may only increase bureaucracy.”
He added that institutions such as Transmission Company of Nigeria (TCN), NDPHC, and FGN PowerCo already deal with aspects of transmission infrastructure.
“There is a need for streamlining to ensure a holistic and harmonised approach to transmission issues, including alignment with Nigerian Independent System Operator (NISO) on resolving dispatch bottlenecks.”
Three vessels have been hit by unknown projectiles in the Strait of Hormuz, maritime security and risk firms said on Wednesday, bringing the number of ships struck in the region since the Iran conflict began to at least 14.
Shipping along the narrow strait has come to a near standstill since the United States and Israel began strikes on Iran on February 28, preventing exports of around a fifth of the world’s oil supply and sending global oil prices surging to highs not seen since 2022.
Iran’s Revolutionary Guards have warned that any ship passing through the Strait will be targeted. U.S. President Donald Trump has threatened to ramp up U.S. attacks on Iran if it continues to obstruct the strait.
The Thai-flagged Mayuree Naree dry bulk vessel was struck by “two projectiles of unknown origin” while sailing through the Strait on Wednesday, causing a fire and damaging the engine room, the ship’s Thai-listed operator Precious Shipping said in a statement.
“Three crew members are reported missing and believed to be trapped in the engine room,” Precious Shipping said.
“The company is working with the relevant authorities to rescue these three missing crew members,” it added, noting that the remaining 20 crew members had been safely evacuated and were ashore in Oman.
Images provided by the Royal Thai Navy showed smoke pouring out from the back of the ship.
The United States Navy has refused near-daily requests from the shipping industry for military escorts through the Strait of Hormuz since the start of the war on Iran, saying the risk of attacks is too high for now, sources familiar with the matter told Reuters. Trump has said the U.S. is prepared to provide naval escorts whenever needed.
Earlier on Wednesday, the Japan-flagged container ship ONE Majesty sustained minor damage from an unknown projectile about 25 nautical miles (46 km) northwest of Ras Al Khaimah in the United Arab Emirates, two maritime security firms said.
Its Japanese owner Mitsui O.S.K. Lines and a spokesperson for Ocean Network Express, its charterer, said the vessel was struck while at anchor in the Gulf. An inspection of the hull revealed minor damage above the waterline.
All crew members are safe, they said, adding that the vessel remains fully operational and seaworthy. The owner said the cause of the incident remains unclear and is under investigation.
A third vessel, a bulk carrier, was also hit by an unknown projectile approximately 50 miles northwest of Dubai, maritime security firms said.
The projectile damaged the hull of the Marshall Islands-flagged Star Gwyneth, maritime risk management company Vanguard Tech said, adding that the vessel’s crew were safe. Owner Star Bulk Carriers said the ship was hit in the hold area while anchored. There were no crew injuries and no listing.
Ghana’s downstream petroleum regulator, the National Petroleum Authority (NPA), has assured the public not to panic over any possible fuel shortages due to the Middle East conflict, stating that the country has adequate petroleum stocks that can last for several weeks.
This portal understands that as of Tuesday, the country had six weeks and two days of diesel stock, five weeks and one day of petrol stock, five weeks and four days of Aviation Turbine Kerosene (ATK), and two weeks and one day of Liquefied Petroleum Gas (LPG) available.
In a statement issued on Wednesday, March 11, the NPA said the national fuel supply situation remains stable despite concerns about possible impacts from developments in the global energy market.
According to the Authority, a review of national petroleum stock levels conducted in collaboration with the Ministry of Energy and Green Transition and other industry stakeholders confirmed that Ghana has sufficient supplies of key petroleum products, including petrol (PMS), diesel (AGO), Aviation Turbine Kerosene (ATK), and Liquefied Petroleum Gas (LPG), to meet current and projected demand.
The NPA added that it continues to closely monitor stock levels and work with industry players to ensure a steady fuel supply, while strengthening strategic supply planning and price monitoring mechanisms to address any potential disruptions or price volatility linked to global market developments.
Meanwhile, the U.S.–Israel war against Iran has disrupted global oil supply, triggering a sharp surge in crude oil prices.
Crude oil prices hit $119 per barrel on Tuesday morning, but later dropped sharply to about $100 per barrel and subsequently fell below $90 per barrel.
However, as of Wednesday morning, Brent crude had risen again to around $90 per barrel as tensions continued to escalate
Global energy leaders are gathering to decide whether to release emergency oil reserves as production and export disruptions tied to the Middle East conflict continue to strain global markets.
The International Energy Agency hosted G7 energy ministers at its Paris headquarters on Tuesday, where Executive Director Fatih Birol warned that conditions in oil markets have deteriorated in recent days.
Shipments through the Strait of Hormuz have been disrupted, forcing some producers in the region to curtail output, creating what the agency described as “significant and growing risks” to global supply.
Birol said in a Tuesday statement that the group discussed all available options to stabilize the market, including the possible release of emergency stockpiles held by IEA member countries.
Those reserves are substantial. According to the agency, member governments collectively hold more than 1.2 billion barrels of public emergency oil stocks, in addition to roughly 600 million barrels of industry inventories maintained under government obligations.
Birol convened an extraordinary meeting of member governments later today to assess supply security and determine whether those emergency stocks should be made available to the market.
The discussion comes as oil markets react to one of the most severe disruptions to global energy trade in decades.
Tanker traffic through the Strait of Hormuz—the world’s most critical oil chokepoint—has slowed dramatically amid security concerns, effectively trapping large volumes of crude within the Persian Gulf and forcing some producers to shut in output due to storage constraints.
The supply shock has already pushed oil prices sharply higher. Brent crude recently surged toward the mid-$90 per barrel range, marking a dramatic rally since the start of the year. And prices are expected to remain elevated for the time being.
In its latest Short-Term Energy Outlook, the Energy Information Administration raised its oil price outlook significantly, citing the same disruptions to Middle East production and exports.
Global policymakers are hoping to prevent a full-blown supply crisis, and deploying emergency stockpiles could become one of the most important decisions shaping oil markets in the weeks ahead.
Namibia’s national oil company, National Petroleum Corporation of Namibia (NAMCOR), says the country currently has enough fuel reserves to cover about three months of national demand, even as the U.S.–Iran conflict continues to disrupt global oil markets.
Despite the three-month fuel cover, officials at NAMCOR say a shipment of fuel is already on its way to the country, according to a report by The Namibian Sun.
NAMCOR spokesperson Paulo Coelho told The Sun that the reserves provide a short-term buffer despite growing global uncertainty following intensified hostilities between the United States, Israel and Iran.
The crisis escalated after joint U.S. and Israeli airstrikes reportedly killed Iran’s supreme leader, Ali Khamenei, triggering retaliatory missile strikes by Iran on U.S. military installations across the region.
Donald Trump, President of the United States, has vowed that bombing raids would continue “as long as necessary,” while Iran’s president, Masoud Pezeshkian, warned that retaliation was the country’s “legitimate right and duty.”
The conflict has raised fears of disruptions in the Strait of Hormuz, one of the world’s most critical oil shipping routes, through which a significant share of global crude oil exports passes.
Benchmark crude, Brent Crude, surged to $119 per barrel on Monday during early Asian trading, while West Texas Intermediate (WTI) also rose above $100 per barrel for the first time since 2022.
Oil prices, however, eased following a statement by President Trump indicating that he foresees the conflict ending soon.
Despite the current buffer, officials warned that geopolitical shocks highlight the vulnerability of African economies that rely heavily on imported refined petroleum products.
As of Tuesday evening, Brent was trading at around $91 per barrel, while WTI was trading at about $86 per barrel.
She described the vessel commissioning as a strategic investment that strengthens Ghana’s downstream petroleum infrastructure and enhances national energy security.
Madam Alifo said the vessel represents confidence in Ghana’s growth, confidence in the regulatory framework, and confidence in the long-term sustainability of the downstream sector.
She stated that the investment aligns with President Mahama’s vision of building a resilient and sustainable downstream sector that promotes cleaner energy solutions while ensuring accessibility and security of supply for Ghanaian households and businesses.
“Today, we commission not merely an asset at sea, but a stronger foundation for Ghana’s energy future — a decisive step forward in building a resilient, secure, and modern downstream sector,” Madam Alifo said.
The Managing Director acknowledged the leadership of the Minister of Energy and the National Petroleum Authority in maintaining regulatory discipline, stating that strong oversight remains essential to sustainable sector growth.
She pledged that Sahara Group remains committed to investing responsibly, operating safely, and partnering with stakeholders to contribute meaningfully to Ghana’s energy transformation.
Madam Alifo also expressed appreciation to partners and hosts for their technical expertise and collaboration in delivering the project, noting that the achievement is the result of a shared commitment between government, regulators, the private sector, and international partners.
