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Ghana: Fuel Prices Could Have Been Much Higher Without Cedi Stability-NPA Boss.
Fuel pump prices in the second pricing window, which began on March 16, would have been much higher than what is currently being observed if not for prudent management that has stabilized the cedi, Chief Executive Officer of the National Petroleum Authority (NPA), Godwin Edudzi Tameklo, has asserted.
He recalled that prior to Monday, when oil marketing companies began adjusting their pump prices upward, projections indicated that fuel prices would rise significantly due to ongoing Middle East tensions, which have escalated crude oil prices.
Speaking on TV3 during a discussion on the impact of the US–Israel war on Iran, Mr. Tameklo emphasized that crude oil prices jumped from $66 to over $100 per barrel due to the tensions.
“A $30 hike that could have devastated consumers. Yet, over 13 months of cedi stability has cushioned the blow.
“If the cedi traded at GH¢15 or GH¢17 to the dollar—as it once neared 17—petrol would hit GH¢23 per litre,” he explained.
“This management has anchored pressures, averting shocks seen in the past.”
The NPA introduced a price floor to protect the downstream sector—a tool Mr. Tameklo says delivers “a lot of stability.”
Oil marketing companies (OMCs) have set relatively stable prices, easing fears of skyrocketing costs and hardship.
Mr. Tameklo pledged close monitoring of OMC pricing.
“Current economic managers have controlled what could have been catastrophic,” he added, crediting their efforts for shielding households amid global volatility.
Currently, a litre of petrol is selling between GH¢12.28 and GH¢13.29, while diesel ranges between GH¢13.50 and GH¢16.29 per litre.
Pump prices are revised every two weeks, based on the exchange rate and the cost of refined petroleum products on the international market.
Ghana: Fuel Price War Heats Up As Star Oil, GOIL Undercut Each Other
Two of Ghana’s leading Oil Marketing Companies are intensifying competition as they strive to retain customers by offering quality yet affordable fuel.
Star Oil, currently the market leader, and GOIL PLC are engaged in an ongoing price war.
On Monday morning, Star Oil announced a price adjustment, with regular petrol (RON 91) selling at GH₵12.49 per litre, petrol (RON 95) at GH₵13.59 per litre, and diesel at GH₵15.99 per litre.
At the time, GOIL PLC was selling regular petrol at GH₵11.57 per litre and diesel at GH₵14.35 per litre.
By Tuesday morning, GOIL PLC had adjusted its pump prices upward, with regular petrol (RON 91) selling at GH₵12.40 per litre, petrol (RON 95) at GH₵14.35 per litre, and diesel at GH₵15.69 per litre.
This indicated that GOIL PLC was offering relatively lower prices than its main competitor.
Failure by Star Oil to respond could have risked losing customers to GOIL, which appears determined to reclaim its position as market leader.
In an attempt to maintain its customer base, Star Oil responded around 8:00 a.m. on Tuesday by lowering its pump prices below GOIL’s, thereby weakening GOIL’s pricing strategy.
Star Oil reduced its prices, with regular petrol (RON 91) selling at GH₵12.29 per litre, petrol (RON 95) at GH₵13.59 per litre, and diesel at GH₵14.99 per litre.
Unperturbed by Star Oil’s response, GOIL PLC further adjusted its pump prices around 2:00 p.m. on Tuesday, lowering them below those of its competitor.
As of Tuesday afternoon, GOIL PLC was selling regular petrol (RON 91) at GH₵12.28 per litre, petrol (RON 95) at GH₵14.35 per litre, and diesel at GH₵14.98 per litre.
It remains unclear what Star Oil’s next move will be.
Ghana: Energy Minister Inaugurates Local Content And Local Participation Committee
Ghana’s Minister for Energy, Dr. John Abdulai Jinapor, has inaugurated a Local Content and Local Participation Committee for the country’s electricity supply industry, with members drawn from key institutions.
The committee will oversee the development and measurement of local content and participation in the electricity supply industry, as well as monitor and coordinate the performance of all stakeholders involved, in accordance with LI 2354.
The committee is chaired by the Acting Executive Secretary of the Energy Commission, Ms. Adwoa Serwaa Bondzie.
Other members include Michael Nii Amui Amui, Esq. (Coordinator, Local Content and Local Participation, Energy Commission); Mr. Michael Tawiah (Ministry of Energy); Ing. Ingsford D. Laryea (Ghana Institution of Engineering); and Mr. Joseph Zumasigee (Electricity Transmission Utility).
Also on the committee are Mr. Jethro Baidoo (Ghana Employers Association); Mr. Kojo Eshun (Ghana Standards Authority); and Mr. Alexander Quarcopoome (Association of Ghana Industries).
Additional members include Mr. Michael Akurang Opoku (Ministry of Trade and Industry); Mr. Nhyira Sarfo Adu-Amankwah (Ministry of Labour, Jobs and Employment); and Mr. Kwaku Boateng (Director for Economics and Local Content at the Petroleum Commission).
Speaking at the inauguration, the Energy Minister, Dr. John Abdulai Jinapor, stressed the importance of an effective and efficient local content and local participation regime. He noted that fully implementing the country’s local content laws would generate opportunities for value retention, value addition, and job creation.
In her remarks, the Chair of the committee, Ms. Adwoa Serwaa Bondzie, Acting Executive Secretary of the Energy Commission, highlighted the importance of regulations on local content and participation in driving economic growth.
Kenya: EPRA Maintains Fuel Prices In March Pricing Review Despite Spike In Crude Oil Prices
Kenya has maintained the prices of gasoline (petrol), diesel (gas oil), and kerosene despite the ongoing Middle East conflict, which has triggered increases in fuel pump prices across many economies.
In Kenya, fuel pump prices are reviewed on the 15th of every month and remain in effect until the 14th of the following month.
In February, Kenya’s Energy and Petroleum Regulatory Authority (EPRA) reduced the prices of super petrol, diesel, and kerosene by KSh 4.20, KSh 3.90, and KSh 1.00 per litre, respectively. Many Kenyans were of the view that prices would rise due to the ongoing Israel-Iran war.
However, in a statement issued over the weekend, EPRA said prices will remain unchanged from March 15, 2026, to April 14, 2026.
This means that in Nairobi, a litre of super petrol will continue retailing at KSh 178.28, while diesel will sell at KSh 166.54 and kerosene at KSh 152.78, effective at midnight for the next 30 days.
In Mombasa, prices will remain at KSh 175.00, KSh 163.26, and KSh 149.49 for super petrol, diesel, and kerosene, respectively.
In Nakuru, super petrol will retail at KSh 177.34, diesel at KSh 165.95, and kerosene at KSh 152.21.
Meanwhile, in Kisumu, a litre of super petrol will cost KSh 178.16, diesel KSh 166.76, and kerosene KSh 153.03.
“The prices are inclusive of the 16% Value Added Tax (VAT), in line with the provisions of the Finance Act 2023, the Tax Laws (Amendment) Act 2024, and the revised excise duty rates adjusted for inflation as per Legal Notice No. 194 of 2020,” EPRA stated.
In its review, EPRA clarified that prices have not yet been affected by the war, as the country is still using oil reserves imported before the conflict began last month.
“The Authority has considered vessels received and discharged between February 10, 2026, and March 9, 2026. Most of these vessels are February-priced cargoes, and the situation in the Middle East has not yet impacted the prices,” EPRA noted
Ghana: Fuel Tanker Explodes At Gomoa Potsin Junction In Central Region
A fuel tanker has gone up in flames after overturning and exploding at Gomoa Potsin Junction on the Kasoa–Winneba Highway in the Central Region of Ghana.
The incident happened in the early hours of Tuesday, March 17, 2026, when the tanker reportedly overturned, spilling fuel that ignited and spread to nearby houses.
Fire Service personnel from Apam in the Central Region were at the scene to contain the blaze.
So far, no casualties have been recorded.
According to eyewitnesses, the fire quickly engulfed the surrounding area, raising concerns about the safety of residents in the vicinity.
U.S. Allies Reject Trump’s Call To Escort Oil Tankers Through Strait Of Hormuz.
Several U.S. allies rebuffed Donald Trump’s call on Monday to send warships to escort oil tankers through the Strait of Hormuz, drawing criticism from the U.S. president, who accused Western partners of ingratitude after decades of support.
The U.S.-Israeli war with Iran is now in its third week, with no end in sight.
The critical Strait of Hormuz, through which about 20% of the world’s oil and liquefied natural gas flows, remains largely closed, raising energy prices and fears of inflation.
The conflict has already imposed economic costs on U.S. allies, who were not consulted before the airstrikes on Iran and who have endured months of harsh criticism and bellicose threats from Trump since he returned to office.
A number of U.S. partners, including Germany, Spain and Italy, said they had no immediate plans to send ships to help reopen the strategic waterway, which Iran has effectively shut using drones and naval mines.
“We lack the mandate from the United Nations, the European Union or NATO required under the Basic Law,” German Chancellor Friedrich Merz said in Berlin, adding that Washington and Israel had not consulted Germany before launching the war.
In a joint statement, Canada, France, Germany, Italy and Britain warned that any “significant Israeli ground offensive would have devastating humanitarian consequences and could lead to a protracted conflict,” and said such an operation “must be averted.”
Meanwhile, U.S. President Donald Trump, speaking at a White House event in Washington, said many countries had told him they were prepared to help, but voiced frustration with some longstanding allies.
“Some are very enthusiastic about it, and some aren’t,” he said, without offering specifics.
“Some are countries that we’ve helped for many, many years. We’ve protected them from horrible outside sources, and they weren’t that enthusiastic. And the level of enthusiasm matters to me.”
Israel said on Monday that it had drawn up detailed plans for at least three more weeks of war as it pounded sites across Iran overnight, while Iranian drone attacks temporarily shut Dubai Airport and struck a key oil facility in the United Arab Emirates.
Israel said it aims to weaken Iran’s capacity to threaten it by striking ballistic missile infrastructure, nuclear facilities and the security apparatus, adding that it still has thousands of targets to hit.
“We want to make sure that this regime is as weak as possible and that we degrade all its capabilities — all parts and all wings of its security establishment,” Israeli military spokesperson Lieutenant Colonel Nadav Shoshani said.
Iran’s Islamic Revolutionary Guard Corps (IRGC) said it would target U.S. industrial facilities in the Middle East and urged people living near U.S.-owned plants to leave.
Iran also responded to Trump’s threat that he might attack oil facilities on Kharg Island, the country’s main oil hub, if Tehran does not reopen the Strait of Hormuz. U.S. forces destroyed military targets on Kharg on Friday.
A spokesperson for Iran’s armed forces, Abolfazl Shekarchi, said Iran would target oil and gas facilities in any country from which U.S. attacks were launched on Kharg Island.
Foreign Minister Abbas Araqchi said Tehran had not asked for a ceasefire or exchanged messages with the U.S., according to Iran’s semi-official Student News Network.
In a post on X, Araqchi also said some “neighbouring states” that host U.S. forces and permit attacks on Iran were actively encouraging the killing of Iranians.
He said 200 children were among the hundreds of Iranian civilians killed in U.S. or Israeli bombings.
Ghana: Fuel Prices Adjusted As Petrol Sells Between GH₵12.40–GH₵13.29, Diesel GH₵13.50–GH₵16.29
Fuel pump prices in Ghana have been adjusted for the second pricing window of March, which began on Monday, March 16, 2026, with petrol selling between GH₵12.40 and GH₵13.29 per litre, and diesel between GH₵13.50 and GH₵16.29 per litre.
Pump prices are revised every two weeks based on the exchange rate and the cost of refined petroleum products on the international market.
Market leader Star Oil has raised the price of regular petrol (RON 91) to GH₵12.49 per litre, petrol (RON 95) to GH₵13.59 per litre, and diesel to GH₵15.99 per litre.
GOIL is selling regular petrol at GH₵12.40 per litre, petrol (RON 95) at GH₵14.35 per litre and diesel at GH₵15.69 per litre.
Puma Energy has also adjusted its pump prices, with petrol selling at GH₵12.95 per litre and diesel at GH₵15.99 per litre.
TotalEnergies and Shell are both selling regular petrol at GH₵13.29 per litre and diesel at GH₵16.29 per litre.
Benab is selling regular petrol at GH₵12.50 per litre and diesel at GH₵14.50 per litre.
Gaso is selling regular petrol at GH₵11.97 per litre and diesel at GH₵13.50 per litre.
Lucky Oil is selling regular petrol at GH₵12.57 per litre and diesel at GH₵13.50 per litre.
Alinco is selling regular petrol at GH₵12.49 per litre and diesel at GH₵14.99 per litre.
During the first pricing window, which began on March 1 and ended on March 15, the average pump price for petrol was GH₵11.67 per litre, diesel GH₵12.78 per litre, and LPG GH₵13.32 per kilogram.
The Ghana cedi appreciated marginally against major trading currencies. For the March 16, 2026 pricing window, the currency strengthened from GHS 11.049 to GHS 10.913 per US dollar, representing a 1.25% gain. International petroleum product prices also rose significantly, with diesel increasing by 43.94%, followed by LPG at 23.96% and petrol at 19.41%.Japan Releases Emergency Oil Reserves As Iran War Disrupts Global Energy Supply
Japan has started releasing oil from its emergency reserves amid the global energy crisis sparked by the closure of the Strait of Hormuz by Iran in response to U.S.–Israeli attacks.
This was announced on Monday in a notice published in the Japanese government’s official gazette.
Japanese Prime Minister Sanae Takaichi last week announced plans to unilaterally release 80 million barrels of oil from stockpiles amid supply concerns due to Iran’s threats against shipping in the strait.
Takaichi announced the move shortly before the International Energy Agency (IEA) said it would coordinate the release of a record 400 million barrels to help cushion the market from the widening fallout of the United States and Israel’s war with Iran.
Despite the announcement by the Paris-based IEA, oil prices have repeatedly jumped above $100 a barrel during the past week as traders weigh the prospect of prolonged disruption to the critical waterway.
Tokyo said on Monday that it had no plans to deploy its navy to the strait after U.S. President Donald Trump called on other countries to help unblock the waterway.
Brent crude, the most important benchmark for global oil prices, rose as much as 3 percent on Sunday before easing slightly on Monday.
Brent stood at $104.85 a barrel as of 05:45 GMT, up more than 40 percent since the start of the war on February 28.
Japan is one of the world’s largest oil importers, relying on fossil fuels from overseas for about 80 percent of its energy needs.
The East Asian country also has one of the world’s largest oil reserves, with enough supply to meet 254 days of domestic consumption.
Zambia Urges SAPP Members To Prioritize Mission 300 Agenda
The Zambian government has urged member countries of the Southern Africa Power Pool (SAPP) to prioritize the realization of Africa’s Mission 300 Journey — a strategic initiative aimed at defining the future of Africa’s energy sector.
Speaking at the official opening of SAPP’s 66th Management Committee Meeting held on 12 March 2026 at the Mulungushi International Conference Centre in Lusaka, Energy Permanent Secretary for Electricity, Eng. Arnold Simwaba, on behalf of the Energy Minister, challenged delegates to work tirelessly toward achieving the five pillars of the Mission 300 Journey.
The Mission 300 Journey is anchored on expanding least-cost power generation, strengthening regional power markets, promoting last-mile access, encouraging private sector participation, and improving utility financial performance.
Eng. Simwaba noted that regional utilities continue to face challenges impeding progress in the energy sector.
“The utilities have been facing challenges that have affected their financial performance. Common issues across the region include high distribution losses, infrastructure theft, vandalism, and other operational inefficiencies. These challenges cost utilities millions of dollars annually,” he said.
“As such, there is a need for innovative technical solutions, stronger regulatory enforcement, and unified regional frameworks to ensure that our utilities remain financially viable and attractive to concessional financing,” he added.
Eng. Simwaba further urged SAPP to consider fiscal frameworks that support renewable energy investments.
“Equally important is the implementation of a robust, integrated renewable energy plan that will diversify our energy mix and reduce over-reliance on hydropower,” he explained.
He also highlighted that regional policymakers recognize barriers to electricity trade, particularly the lack of harmonization in taxes, duties, and levies applied by member states, which hinder market integration. In addition, challenges remain in obtaining certificates of origin for power traded through SAPP markets.
The Permanent Secretary reiterated Zambia’s continued efforts to engage key stakeholders in developing a harmonized framework for taxes, duties, and levies to facilitate cross-border electricity trade.
Ghana: PETROSOL Empowers Female Staff At Transformative 2026 Women In Leadership Conference
PETROSOL Platinum Energy, one of the leading oil marketing companies in the Republic of Ghana, hosted its fifth annual Women in Leadership Conference in Accra, providing a transformative platform for female empowerment in Ghana’s energy sector.
The conference, organized by the PETROSOL Women Network (PWN) to coincide with International Women’s Day, was held under the theme: “Investing in Women: Transforming Communities Exponentially.”
The Guest of Honour, Dr. Audrey Smock Amoah, Director-General of the National Development Planning Commission, lauded PETROSOL and PWN for creating a platform to advance women’s leadership.
“Let us move beyond dialogue to sustain commitment,” she urged, rallying attendees to champion women’s inclusivity in energy and beyond.
Dr. Stella Agyenim-Boateng, Vice Chairman Public Services Commission, who chaired the conference emphasized women’s vital role in shaping PETROSOL’s future, describing attendees as custodians of a legacy for the next generation.
Keynote speaker Dr. Ellen Ohene-Afoakwa, Managing Executive for Corporate and Investment BAanking (ABSA) highlighted the importance of investing in women through access, opportunities, and support to build resilient teams and thriving communities. “Let’s commit to giving boldly, leading courageously, and investing consistently in ourselves, in one another, and in the systems that shape our collective success,” she encouraged.
Mr. Michael Bozumbil, Chief Executive Officer of PETROSOL Platinum Energy, honored outstanding female staff for their contributions, noting, “The impact of female staff on PETROSOL’s growth has been significant from day one.”
Panelists, including Ama Duncan (Founder, Fabulous Women Network), Gideon Mankralo (National Project Coordinator, International Labour Organization), and Kezia Sanie Kermah (Founder, For the Future Organization), reinforced the link between women’s empowerment and sustainable community development.
Dr. Amoah praised PWN’s platform for advancing empowerment and encouraged women to seek reliable support in overcoming challenges.
The conference concluded with a reaffirmed commitment from PETROSOL to champion gender equality and equity, positioning women as catalysts for exponential growth and transformation across Ghanaian communities.
Trump Urges France, China, Others To Deploy Warships To Keep Strait Of Hormuz Open
Donald Trump, President of the United States, on Saturday urged countries badly affected by the closure of the Strait of Hormuz to deploy naval vessels to help secure the reopening of the vital passage for global oil shipments and other international commodities.
The U.S. president said several nations could join efforts alongside the United States to keep the waterway open for international shipping.
Trump specifically urged China, France, Japan, South Korea, the United Kingdom, and others to join the U.S. in preventing Iran from keeping the strait blocked to shipping.
“Many countries, especially those that are affected by Iran’s attempted closure of the Hormuz Strait, will be sending warships, in conjunction with the United States of America, to keep the strait open and safe,” Trump posted on the social platform Truth Social.
He added that key global economies impacted by the disruption should contribute to the effort.
“Hopefully China, France, Japan, South Korea, the UK, and others that are affected by this artificial constraint will send ships to the area,” he said.
The White House later echoed the president’s stance in a noon post on X, stating: “One way or the other, we will soon get the Hormuz Strait OPEN, SAFE, and FREE!” – President Donald J. Trump.
The Strait of Hormuz is one of the world’s most critical energy chokepoints, handling a significant share of global oil shipments.
The latest tensions are part of a widening Middle East conflict involving Iran, Israel and the United States that escalated after joint U.S.–Israeli strikes on Iranian military targets on February 28, 2026.
Since then, Iran has launched retaliatory missile and drone attacks across the region and threatened shipping in the Strait of Hormuz, raising fears of a broader regional war and global economic fallout.
More than 20 million barrels of oil pass through the strait each day — roughly one-fifth of global consumption, according to Reuters. Disruptions there have already pushed oil prices sharply higher as markets fear prolonged supply shortages.
The conflict has also begun affecting shipping and trade across the Gulf.
Tankers have been attacked and maritime traffic disrupted, while analysts warn that a sustained blockade could have “catastrophic consequences” for global energy markets and the wider economy.
Nigeria: Prospecting Licence Holders Must Develop Their Assets Or Lose Them – NUPRC
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has warned companies holding on to prospecting licences without developing their assets that the era is now officially over.
The Commission’s Chief Executive, Oritsemeyiwa Eyesan, stated this when she received the management of the Petroleum Directorate of Sierra Leone at the Commission’s headquarters in Abuja recently.
Eyesan said one of the key provisions of the Petroleum Industry Act is Section 94, which compels operators to either commence work or relinquish their licences — a provision commonly referred to as “drill or drop.”
She revealed that the enforcement of this provision has attracted serious investors in the ongoing 2025 licensing rounds, expected to boost Nigeria’s petroleum reserves.
In his remarks, the Director-General of the Petroleum Directorate of Sierra Leone, Foday Mansaray, said the aim of the meeting was to understand Nigeria’s petroleum sector and apply the lessons learned to improve his country’s hydrocarbon sector.Mansaray also called for stronger and more sustainable energy collaboration between Sierra Leone and Nigeria.
Ghana Introduces GH¢2.00/kWh Electricity Tariff For Commercial EV Charging Stations
Ghana has officially introduced a GH¢2.00 per kilowatt-hour (kWh) electricity tariff for commercial electric vehicle (EV) charging stations, marking the first time such a pricing structure has been established since electric vehicles began entering the West African nation several years ago.
The new tariff, which takes effect on April 1, 2026, was announced on Friday alongside a reduction in electricity and water tariffs for the second quarter of 2026.
In a statement issued by the Public Utilities Regulatory Commission (PURC), the regulator of electricity and water tariffs in Ghana, EV charging operators will pay an energy charge of GHp201.6000 (GH¢2.016) per kilowatt-hour and a monthly service charge of GHp50,000 (GH¢500).
PURC said the move is aimed at supporting Ghana’s transition to cleaner transport systems and promoting investment in EV charging infrastructure.
The Commission described the tariff as the first formal electricity pricing structure for commercial EV charging in Ghana, marking a key step in integrating electric mobility into the country’s energy system.
According to the 2022 Ghana Electric Vehicles Baseline Survey Report by the Energy Commission of Ghana, approximately 17,660 plug-in electric vehicles were imported into Ghana between January 2017 and December 2021.
Despite the growing number of EVs in the country, there are fewer than 10 EV charging stations nationwide, most of which are located in Accra.
With the introduction of a dedicated electricity tariff for EV charging stations, it is expected that the move will attract investment into EV charging infrastructure and accelerate the development of Ghana’s electric mobility ecosystem.
Electric mobility is gradually gaining traction in Ghana as part of efforts to reduce fuel consumption, cut carbon emissions, and modernize the country’s transport sector. Government agencies such as the Energy Commission of Ghana and the Ministry of Energy and Green Transition have been promoting the adoption of electric vehicles through policy development, pilot programs, and regulatory reforms.
However, one of the major barriers to EV adoption in the country has been the limited charging infrastructure and the absence of a dedicated electricity tariff for commercial charging operators. Without a clear tariff structure, investors and operators faced uncertainty regarding the cost of electricity for charging services.
The introduction of a specific EV charging tariff by the Public Utilities Regulatory Commission therefore provides regulatory clarity and is expected to encourage private sector participation in the development of EV charging networks.
The move also aligns with Ghana’s broader energy transition and climate commitments, which include promoting cleaner transport technologies and reducing greenhouse gas emissions in the transport sector.
Trump Bombs Iran’s Kharg Island And Threatens To Hit Oil Exports
U.S. President Donald Trump said American forces had launched a major bombing raid on Iran’s strategic Kharg Island, targeting military facilities on the key Persian Gulf outpost while warning Tehran that its vital oil infrastructure could be destroyed if shipping in the Strait of Hormuz is disrupted.
In a social media statement, Trump said that at his direction the United States Central Command carried out “one of the most powerful bombing raids in the history of the Middle East,” claiming U.S. forces had “totally obliterated every military target” on Kharg Island.
Trump said the United States had deliberately avoided striking the island’s oil infrastructure, which handles the vast majority of Iran’s crude exports.“For reasons of decency, I have chosen NOT to wipe out the oil infrastructure on the island,” Trump wrote, warning that the decision could change if Iran interferes with ships moving through the Strait of Hormuz, the world’s most critical oil shipping chokepoint.
Speaking to reporters earlier Friday, Trump said the U.S. military campaign would continue “as long as necessary,” while claiming the operation was “way ahead of schedule.”
He also suggested the U.S. Navy would soon begin escorting commercial vessels through the Strait of Hormuz amid escalating attacks on shipping.Kharg Island sits about 25 kilometers off Iran’s southwestern coast and serves as the backbone of the country’s oil export system. The terminal accounts for roughly 90% of Iranian crude shipments, loading millions of barrels per day onto tankers bound largely for Asian markets.
Because so much of Iran’s export capacity is concentrated in one location, the island represents a critical economic lifeline. Analysts say destroying the terminal could cripple Iran’s economy for months or even years—but could also send global oil prices sharply higher.
So far, U.S. and Israeli strikes in the conflict have largely targeted Iranian military and nuclear infrastructure. Oil facilities elsewhere in Iran have been hit, but Kharg’s massive storage tanks, jetties, and pipelines had remained untouched until the latest strike.