Business News of Monday, 9 March 2026Source: www.ghanaweb.comGlobal oil prices rose above $100 per barrel on Sunday after major energy producers in the Middle East cut production amid escalating tensions in the ongoing Iran-Israel war. Benchmark Brent Crude Oil jumped 18% to $108.68 per barrel, while West Texas Intermediate rose nearly 20% to $108 per barrel. Oil prices hit $90 per barrel as Israel-Iran war escalatesThe increase marks the largest price jump since the Russian Invasion of Ukraine, when crude prices soared well above the $100 mark. Potential impact on GhanaFor Ghana, the sharp rise in global oil prices could have mixed economic effects. On one hand, higher crude prices may increase government revenue from petroleum exports, particularly from the Jubilee Oil Field and the TEN Oil Field.

Source: GhanaWeb March 09, 2026 13:36 UTC