US forces striking civilian infrastructure in Iran, Tehran attacking a Kuwaiti power and desalination plant, repeated attacks on tankers in the Hormuz Strait, and the potential extension of maritime warfare towards the Bab el-Mandeb Strait – all this points towards oil prices continuing their upward movement in the days to come.
Nigeria’s Dangote Petroleum Refinery has begun pricing fuel products for the local market in U.S. dollars, with a company spokesperson on Tuesday citing difficulties securing sufficient crude under the government’s naira-for-crude programme and rising global oil prices.
Tolls in the Strait of Hormuz now look almost impossible to avoid. Should they land, the world would be paying a new tax on energy itself, and everyone from investors to households would feel it.
The return of the Middle Eastern geopolitical risk premium has lifted global oil prices by $4 per barrel this week, with ICE Brent set to settle above $76 per barrel.
The prospect of a permanent toll on ships transiting the Strait of Hormuz has become a credible risk for global markets and could prove far more consequential for investors than the latest military escalation, warns Nigel Green, CEO of financial advisory giant deVere Group.
South Africa// — Leading Nigerian oil and gas operators are set to play a major role at African Energy Week (AEW) 2026, bringing upstream expertise, project development experience and investment momentum to Cape Town as Africa seeks to accelerate regional energy collaboration.
Amman, Jordan//- Vivo Energy has announced the completion of the transaction to acquire 100% of the shares in TotalEnergies Marketing Jordan.
Accra, Ghana// — President John Dramani Mahama has announced a major turnaround in Ghana’s energy sector, revealing $3.5 billion in new commitments from global energy giants to reverse a six-year production slump.
President John Dramani Mahama has announced that Explorco, the exploration subsidiary of the Ghana National Petroleum Corporation (GNPC), will begin onshore drilling activities in the Voltaian Basin before the end of 2026 as part of efforts to determine the commercial viability of petroleum reserves in the area.
Whilst ship transits through the Strait of Hormuz remain a fraction of their previous norm (130-140 transits per day), plunging crude oil prices suggest the commodity markets anticipate that flows would start to recover sooner rather than later.
