Audio By Carbonatix
Global oil prices jumped after Israel said it had struck Iran, in a dramatic escalation of tensions in the Middle East.
Benchmark oil contracts, Brent Crude and Nymex light sweet, were up by more than 10% after the news emerged.
Traders are concerned that a conflict between Iran and Israel could disrupt supplies coming from the energy-rich region.
The cost of crude oil affects everything from the price of food at the supermarket to how much it costs to fill up your car.
Analysts have told the BBC that energy traders will now be watching to see whether Iran retaliates in the coming days.
"It's an explosive situation, albeit one that could be defused quickly as we saw in April and October last year, when Israel and Iran struck each other directly," Vandana Hari of Vanda Insights told the BBC.
"It could also spiral out into a bigger war that disrupts Mideast oil supply," she added.
In an extreme scenario, Iran could disrupt supplies of millions of barrels of oil a day if it targets infrastructure or shipping in the Strait of Hormuz.
The strait is one of the world's most important shipping routes, with about a fifth of the world's oil passing through it.
At any one time, there are several dozen tankers on their way to the Strait of Hormuz, or leaving it, as major oil and gas producers in the Middle East and their customers transport energy from the region.
Bounded to the north by Iran and to the south by Oman and the United Arab Emirates (UAE), the Strait of Hormuz connects the Gulf with the Arabian Sea.
"What we see now is a very initial risk-on reaction. But over the next day or two, the market will need to factor in where this could escalate to," Saul Kavonic, head of energy research at MST Financial, said.
Latest Stories
-
Hotline Documentary: Thirst in the North; Residents resort to sharing water with livestock
11 minutes -
Democracy Hub considers lawsuit over alleged non-competitive public sector recruitment
14 minutes -
3 Kenpong Football Academy starlets for Belgium
26 minutes -
155 granted Ghanaian citizenship
28 minutes -
Fake IDs, photo swaps: NCA reveals flaws behind new SIM re-registration
32 minutes -
Ghana reaffirms commitment to transparency in diamond sector ahead of Kimberley Process review
1 hour -
Today’s Front pages: Tuesday, March 10, 2026
1 hour -
Crude prices dropped from $110 to $93 immediately Trump said Iran war was complete – Edudzi Tameklo
1 hour -
GAYO, UrbanBetter Cityzens push for clean air and just transition as Ghana marks Independence Day
1 hour -
UniMAC wins 2026 Commonwealth Day debate at Parliament
2 hours -
Agrotech Fair to spotlight local agric machinery, agro-processing equipment and cutting-edge technologies – EXIM BanK CEO
2 hours -
Ghana unlikely to face immediate fuel shortage despite Middle East tensions – Senyo Hosi
2 hours -
SSNIT ends 2025 with over GH₵25bn asset value, investments – Director-General
2 hours -
Tema Oil Refinery plans capacity boost to 45,000 barrels per day
2 hours -
NCA Chief highlights 5G’s potential for mining and agriculture in Ghana
2 hours
