Global oil prices surged sharply, raising serious economic concerns in Antigua and Barbuda. Officials now warn that local fuel prices could soon increase.

On Friday, Brent crude jumped more than 9 percent. As a result, prices climbed above $93 per barrel. This level marks the highest point since autumn 2023.

The surge followed a warning from Qatar’s Energy Minister, Saad Sherida Al-Kaabi. He told the Financial Times that the Middle East conflict could disrupt oil production.

According to Al-Kaabi, Gulf oil and gas exporters may halt production within days. Therefore, the warning raised alarm across global energy markets.

He also warned that threats to major shipping routes could disrupt global energy supplies. Consequently, the situation could create serious risks for the world economy.

Meanwhile, Antigua and Barbuda has already started feeling the effects. The West Indies Oil Company confirmed higher fuel costs at the import level.

Chief Executive Officer Gregory Georges said a recent fuel shipment arrived with much higher prices. In particular, diesel and jet fuel showed the sharpest increases.

However, Georges said the country does not face an immediate fuel shortage. Still, he warned that rising global prices will likely affect the local market.

“There are currently no immediate supply shortages,” Georges explained. Nevertheless, he added that price pressure remains strong.

Preliminary data from the West Indies Oil Company shows possible price hikes ahead. Gasoline costs could rise by about 15 percent. At the same time, diesel prices may increase by nearly 40 percent.

As a result, officials in the energy sector have raised early concerns. Georges said the numbers already signal warning signs for the market.

However, the final decision on local pump prices does not rest with WIOC. Instead, the Ministry of Finance of Antigua and Barbuda will decide whether to adjust prices.

Meanwhile, government officials continue to monitor the situation closely. They are watching global markets and developments in the Middle East.

If oil prices remain high, the effects could spread across the economy. Higher fuel costs often raise transport expenses and everyday living costs.

Therefore, Antigua and Barbuda now prepares for possible economic ripple effects as the global energy crisis unfolds.