The Chief Executive Officer of the National Petroleum Authority (NPA), Godwin Edudzi Tameklo, has emphasized how global oil prices can be rapidly influenced by geopolitical developments.

In a Facebook post on Tuesday, March 10, Mr. Tameklo cited a recent example following comments by former United States President Donald Trump.

“Immediately, President Donald Trump said the Iran war was complete, crude prices dropped from $110 to $93,” he wrote, highlighting how political statements can trigger swift market reactions.

He explained that the incident underscores the significant role political signals play in shaping expectations in the energy sector. Global oil markets, he noted, are highly sensitive to developments related to conflict resolution and stability in major oil-producing regions.

“What a powerful President. This week will be decisive,” Mr. Tameklo added, signaling that traders and policymakers are likely to monitor events closely as the situation continues to evolve.

His remarks reflect the ongoing volatility in crude oil markets, particularly due to events in the Middle East, a region central to global oil supply.