President John Dramani Mahama has cautioned that the escalating Middle East conflict involving the United States, Israel, and Iran could have serious economic repercussions for African nations, particularly through rising oil prices.
Speaking during a bilateral meeting with Tanzanian President Samia Suluhu Hassan at the State House in Arusha on March 2, 2026, Mahama described the Middle East as the “epicentre of global oil supplies” and warned that Africa must prepare for potential economic shocks.
Oil Supply Risks and Economic Shock
According to President Mahama, intensifying hostilities and reported counter-attacks in parts of the Gulf have heightened uncertainty in global energy markets. He expressed concern over the growing exchanges between the U.S., Israel, and Iran, noting that any sustained disruption could significantly impact oil-dependent economies across Africa.
“Rising crude oil prices triggered by the tensions will directly impact African countries,” he said, stressing that many nations on the continent rely heavily on imported petroleum products for transportation, electricity generation, and industrial activity.
The latest escalation follows months of strained relations between Israel and Iran, largely centered on Tehran’s nuclear programme and its alleged support for armed groups in the region. The United States, a longstanding ally of Israel, has reinforced its military presence in the Gulf, citing threats to regional stability and international shipping routes.
Iran has, in turn, accused both Israel and the United States of aggression and has reportedly launched missile and drone operations targeting strategic interests.
Fears of Wider Regional War
Analysts warn that the situation could spiral into a broader regional war, particularly around the Strait of Hormuz, a critical shipping corridor through which a significant share of the world’s oil supply passes. Any disruption in that channel could send global crude prices soaring.
Global oil markets have already reacted to the uncertainty, with prices trending upward. Economists caution that a prolonged crisis could further strain energy-importing nations, widen trade deficits, and fuel inflation across African economies.
President Mahama urged African leaders to closely monitor developments and strengthen economic resilience in anticipation of possible global market shocks.
