Global oil prices have surged by more than 25 percent since the start of the war, driving up fuel prices for consumers worldwide. Goldman Sachs warned oil prices could climb above $100 per barrel if shipping disruptions continue. US crude oil settled at just below $91 per barrel on Friday – its largest weekly gain on record in data dating back to 1983, indicating prices could continue to rise. Saudi Aramco’s mammoth Ras Tanura refinery and crude export terminal, meanwhile, has also closed due to attacks, with no details on damage. Economists warn that the situation could create a combination of higher prices and slower growth.

Source: GhanaWeb March 08, 2026 15:53 UTC