Brent crude oil held steady above $105 per barrel on Thursday as ongoing Middle East supply disruptions and a projected global supply deficit kept prices elevated despite a marginal intraday decline, with traders also tracking the outcome of upcoming United States and China diplomatic talks.
The global benchmark traded at $105.44, slipping 0.18 percent on the day but sustaining gains of more than 11 percent over the past month and over 60 percent year-on-year, reflecting the sustained upward pressure that has defined oil markets through 2025 and into 2026.
Supply disruptions linked to the Middle East conflict remain the primary price anchor, with reduced flows through the Strait of Hormuz constraining global crude movement through one of the world’s most critical energy shipping corridors. Lower production from Saudi Arabia has reinforced the supply-side squeeze.
The International Energy Agency (IEA) projects global oil markets will remain undersupplied into at least October 2026, even if geopolitical tensions ease in the near term, a forecast that has sustained the price floor above the $100 per barrel level.
Market participants are closely monitoring the forthcoming meeting between U.S. President Donald Trump and Chinese President Xi Jinping, where trade is expected to dominate the agenda. Analysts note that energy security remains a significant background concern given China’s dependence on imported crude, meaning any diplomatic shift carries potential consequences for demand expectations and global oil flows.
For Ghana, where petroleum revenues fell sharply in 2025 due to declining domestic production, elevated Brent prices provide a partial offset, improving the per-barrel value of reduced output volumes and supporting the country’s petroleum revenue position at a critical point in its fiscal recovery.
