Will the Middle-East War Affect Local Gas Prices?

2026-03-03 - 23:54

& Advertisement Advertisement Advertisement Advertisement Advertisement NASSAU , THE BAHAMAS – Could the U.S.– Iranian conflict mean higher prices at the pumps for Bahamians? The government is closely monitoring the geo-political situation, with oil prices already beginning to fluctuate. Our Joshua Williams pressed the Economic Affairs minister on what it could all mean for us. The ongoing air strikes and missle attacks n the middle east could affect oil prices... Sooner than we think. Reuters reported that crude oil ​benchmarks rose about 7% on Tuesday, soaring for a third session as the conflict widens. The conflict is also beginning to disrupt fuel shipments, heightening fears of further disruption to middle east oil and gas supply. At home, Economic Affairs Minister, Michael Halkitis, says that they’re not blind to what’s going on. Michael Halkitis – Minister, Economic Affairs “One of the immediate impacts that we have seen yesterday was the spike and oil prices you know and so anytime you have oil prices go up that effects of gasoline prices of transportation course of energy being an imported country affect the cost of shipping goods into The Bahamas and so that is one of the then, of course it affects the cost of gasoline. We have a vehicle for individuals and businesses, so that is one of the immediate impacts that we have seen. I think later on the day the price is sort of moderated.” The impact war has on the cost of oil, not only limited to the Middle East... In early January, the U.S. Military launched an attack on Venezuela resulting in the kidnapping President Maduro and his wife. Dozens were killed, including 32 Cuban bodyguards. The U.S., also is preventing oil shipments from reaching Cuba, worsening a decades old energy shortage that was brought by the U.S embargo. Michael Halkitis – Minister, Economic Affairs “That is why it’s so important for us to continue to concentrate on things like diversify our energy using more renewable energy, paying attention to security producing more of what we eat and improving out this situation so that you know we are better able to understand any dip in globally economic activity. So to answer your question we have seen some impact on prices and we are just hopeful that these things are resolved quickly.” This is something that we’ve seen before. Last June, similar military tensions, led to local gas spike warnings. Back in 2020, the Chamber of Commerce, expressed concern after a similar U.S. airstrike in Iran. Michael Halkitis – Minister, Economic Affairs “When things happen there’s an immediate impact and then there’s a moderation so what we have to do is not be fearful I might never say be fearful . We just be observant watch what is happening and you know that that’s that the mode we’re in right now.”