The Chief Executive Officer of the National Petroleum Authority, Godwin Edudzi Tameklo, has highlighted the immediate impact of geopolitical developments on global oil markets.

Posting on Facebook on Tuesday, March 10, Mr Tameklo noted, “Immediately, President Donald Trump said the Iran war was complete, crude prices dropped from $110 to $93.”

He stressed that the former US president's comment demonstrated how influential political statements can be in shaping market behaviour.

He described the event as a clear illustration of energy markets' responsiveness to shifts in expectations about conflict resolution and supply stability.

“What a powerful President. This week will be decisive,” he added, underlining the potential for further price movements depending on how the situation unfolds.

Mr Tameklo’s observations reflect the sensitivity of global crude prices to both political developments and market sentiment, particularly in regions prone to conflict.

He suggested that traders and policymakers will be closely monitoring events in the Middle East in the coming days.