Fuel Prices Increase Fears: Oil Price Spikes Over $100 as Iranian Attacks Hit Shipping
- Brent crude oil prices surged over $100 due to Iranian strikes on commercial ships
- Iranian attacks come as the as the US and Israel war disrupts gulf countries
- Gulf Arab states face mounting pressure on oil production amid ongoing tensions
The price of Brent crude oil spiked back over $100 as Iranian strikes hit ships in the region's waters as the ongoing American-Israeli war with Iran shows no signs of slowing.
On March 12, there were Iranian attacks against commercial ships around the Strait of Hormuz and Iraq's port of Basra.
Source: Original
AP reported that this escalated the campaign of squeezing the oil-rich Gulf region as global energy concerns mount.
The US campaign of airstrikes in Iran is now in its 13th day.
The Israeli military is also striking Iran and its militant ally Hezbollah in Lebanon, where more than 800,000 people have been displaced by the fighting.
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Analyst outlines key things Ghana must do to prevent fuel price shocks like the war on Iran
AP reported that at least 19 commercial ships have been damaged so far in the war, figures showed Thursday.
Through the evening of March 11, there had been at least 16 vessels attacked in the Persian Gulf and the wider region, per the Joint Maritime Information Center.
Two ships were hit by Iranian fire at a port near Basra in Iraq while another was attacked off the coast of the United Arab Emirates.
Mitsui O.S.K Lines also announced that a Japanese-flagged container ship was damaged while anchored in the Persian Gulf.
Observers believe Gulf Arab states will face increasing pressure on their oil production the longer the Strait of Hormuz remains under fire.
Ghanaian citizens injured in Dubai after drone attack
The Government of Ghana has confirmed that two Ghanaian citizens were injured in a drone attack in Dubai today.
This was disclosed by the Minister for Foreign Affairs, Samuel Okudzeto Ablakwa, in a Facebook post on Wednesday, March 11, 2026.
Source: Facebook
He further stated that Ghana's Ambassador to the United Arab Emirates (UAE) led a team from the Embassy in Abu Dhabi and the Consulate in Dubai to visit the victims.
The Ghanaian government has consequently condemned the attack and reiterated its call for an end to the ongoing war in the Middle East triggered by the US.
Effect of Iran war on fuel supply
US President Donald Trump, who has previously said that the war could last for a month or longer, sought to downplay growing fears that it could take even longer.
AP reported that Trump also assured threatened intensified action on Iran if the country made any “attempt to stop the globe’s oil supply.”
Iran has effectively stopped tankers from using the Strait of Hormuz, the shipping lane between the Persian Gulf and the Gulf of Oman.
Attacks on merchant ships near the strait have killed at least seven sailors, according to the International Maritime Organisation.
Iran targets commercial ships and Dubai Airport
Earlier, YEN.com.gh reported that Iran had targeted commercial ships and Dubai Airport, escalating regional tensions amid global energy concerns.
Iran threatens financial institutions in the Middle East, endangering Dubai's economic stability as attacks escalate.
Airstrikes continue in Tehran and Lebanon as the UN discusses measures against Iran's aggression towards Arab nations.
Source: YEN.com.gh
Delali Adogla-Bessa (Head of Current Affairs and Politics Desk) Delali Adogla-Bessa is a Current Affairs Editor with YEN.com.gh. Delali previously worked as a freelance journalist in Ghana and has over seven years of experience in media, primarily with Citi FM, Equal Times, Ubuntu Times. Delali also volunteers with the Ghana Institute of Language Literacy and Bible Translation, where he documents efforts to preserve local languages. He graduated from the University of Ghana in 2014 with a BA in Information Studies. Email: delali.adogla-bessa@yen.com.gh.
The Associated Press (The Associated Press) The Associated Press (AP) is a not-for-profit news agency. The AP operates approximately 240 news bureaus across nearly 100 countries, producing content in English, Spanish, and Arabic.
