Strait of Hormuz Blockade Triggers Global Energy Emergency – Crude Oil Surges Past $91/Barrel
Global energy markets have plunged into crisis mode after the Strait of Hormuz — the world’s most critical oil transit chokepoint — was completely blockaded, sending crude oil prices rocketing above $91 per barrel in less than 24 hours.
Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC), warned Ghanaians on Saturday, February 28, that the dramatic escalation in the Middle East has effectively severed the primary artery for roughly 22% of global oil supply, with devastating ripple effects already reaching Ghana’s pumps.
“The Strait of Hormuz is blocked as we speak,” Mr Amoah told Channel One. “The Iron Triangle — Iran, Russia, and China — has deployed naval assets and sealed the corridor. No oil has moved through since morning. The US is heading toward that zone, which means we are staring at a full maritime standoff.”
Price Shock: From $67–$69 to Over $91 Overnight
Before the latest flare-up — which followed reported US-Israeli strikes on Iran and conflicting claims surrounding the death of Supreme Leader Ayatollah Ali Khamenei — Brent crude had been trading in a relatively stable range of $67–$69 per barrel. By Saturday afternoon, prices had surged more than 30% in a single day, driven by panic buying, inventory hoarding, and the sudden disappearance of supply through the Strait.
“Over 22 percent of the global oil supply that should have moved since last dawn has not moved,” Amoah explained. “Inventories across Europe, the US, and Asia will now attract higher premiums. You cannot expect anyone holding oil at this point to sell it cheaper.”
“Iron Triangle” Enforces Blockade
Amoah referred to the naval coordination between Iran, Russia, and China as the “Iron Triangle,” asserting that their combined maritime presence has paralysed tanker traffic through the narrow waterway. He confirmed that US carrier strike groups are moving into position to challenge the blockade, raising the very real prospect of direct naval confrontation.
“The situation is fluid and not looking very kind,” he concluded.
Direct Impact on Ghanaian Consumers
For Ghana — already navigating fiscal pressures and recent tariff adjustments — the $91+ oil price signals an imminent new wave of inflation. COPEC warned that unless the Strait is reopened quickly through US naval intervention, pump prices for petrol, diesel, and LPG will rise sharply in the coming days.
Current inventories held by Oil Marketing Companies (OMCs) are expected to be repriced upward to reflect the new global reality, with the speed and scale of any pass-through depending on how long the blockade persists.
The geopolitical risk premium attached to Middle East oil is now at its highest level since the 2022 Russia-Ukraine invasion. With Emirates flights from Accra already cancelled due to regional airspace closures and the Ministry of Foreign Affairs issuing travel advisories, the economic isolation of the Gulf is rapidly translating into a domestic crisis for Ghana.
Mr Amoah urged consumers and businesses to brace for higher fuel costs and called on government to activate contingency measures — including strategic reserve drawdowns and accelerated domestic production efforts — to cushion the blow.
The coming days will be critical in determining whether diplomatic breakthroughs or military escalation define the next chapter of the crisis. Ghana’s energy sector, transport operators, and ordinary citizens are watching closely as the world’s most important oil artery remains shut.
