Ethiopia Fuel Bill Hit by Surging Global Oil Prices

Global oil prices have surged above $91 per barrel after renewed fighting between the US and Iran raised concerns about energy supplies from the Gulf. This increase puts Ethiopia under pressure, as it imports approximately 4.2 billion dollars annually on fuel.

The Brent crude futures reached $91.15 a barrel at 9:40 am local time, gaining 0.7% after closing 2.7% higher during the previous session. West Texas Intermediate, the US benchmark, rose to $86.46 per barrel.

The latest increase exposes Ethiopia to renewed pressure after earlier disruptions delayed more than 180,000 tonnes of planned fuel shipments.