Rising global oil prices |18 March 2026

What it means for Seychelles

Global oil prices have risen sharply in recent weeks due to escalation of tensions in the Gulf region, with disruptions around the Strait of Hormuz — a critical route for nearly 20 percent of the world’s oil supply – adding pressure to international markets. Over recent weeks, international benchmark Brent crude prices have risen sharply, moving from around USD64 per barrel, to above USD100 per barrel, with temporary spikes approaching USD 120 per barrel as markets responded to geopolitical uncertainties.

The increase in prices is not only the result of production risks, but also of a combination of other factors affecting the global oil supply chain. These include rising maritime insurance premiums, longer shipping routes for tankers to avoid conflict zones and heightened logistical risks associated with transporting oil in an unstable geopolitical environment. For Seychelles, which imports all of its petroleum products, this affects the costs of fuel imports and, eventually, retail prices.

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