US-Israel-Iran War Hits 11 Days (Oil Near $120, Ghana Faces Rising Fuel and Food Cost)
The war between the US, Israel, and Iran has been going on for eleven days and has killed more than 1,700 people and caused a lot of damage to people and the economy. President Donald Trump says that “major strides” have been made and that the mission is partially successful. However, Iran has ruled out diplomacy, which means that the conflict will last longer and missile strikes will increase. The G7 has stepped in to stabilize the world’s energy markets by announcing a coordinated release of emergency oil reserves to counter the “war premium” that pushed Brent crude close to $120 per barrel. This was necessary because the Strait of Hormuz closures caused a 20% disruption in global supply. The conflict has affected the region in many ways, including Israeli airstrikes in Tehran, pro-Iranian militia attacks in Iraq, and a wider diplomatic stalemate. The disruption could cause higher fuel and commodity prices in Ghana and other African countries, making food insecurity worse for more than 12.5 million Ghanaians and putting pressure on the Cedi. This shows how vulnerable Africa is to global energy shocks.
