US-Iran tensions keep Ghana fuel prices on edge, industry warns

Renewed tensions between the United States and Iran are raising fresh concerns over fuel price stability in Ghana, with uncertainty in the Middle East threatening global oil supplies, an industry executive has warned.

The Chief Executive of the Chamber of Oil Marketing Companies (COMAC), Riverson Oppong, said the collapse of recent peace efforts between Washington and Tehran had reignited fears of disruptions to crude oil supplies, leaving fuel-importing countries such as Ghana exposed to price volatility.

Global oil markets have remained on edge as investors monitor the possibility of further military escalation or diplomatic breakdown in the region, developments that could push up crude oil prices and increase the cost of imported fuel.

Speaking on JoyNews' PM Express, Dr Oppong said the latest setback in ceasefire negotiations was not unexpected, describing uncertainty as the defining feature of the conflict.

"I wasn't shocked to hear the turnaround of the peace deal because we've lived within this uncertainty for the past months," he said.

He added that the unpredictable nature of decisions by both the United States and Iran continued to cloud the outlook for global energy markets.

Ghana imports all of its refined petroleum products, making domestic fuel prices highly sensitive to movements in international crude oil prices and geopolitical developments in major oil-producing regions.

Analysts say any prolonged disruption to oil exports from the Middle East could increase fuel costs, place pressure on inflation and raise transport and business operating expenses in Ghana.

The renewed tensions come as global markets continue to assess the impact of geopolitical risks on energy supplies, with traders closely watching developments between the United States and Iran for signs of further escalation.