Global Oil Prices Rebound as Middle East Tensions Raise Supply Concerns

Global oil prices have rebounded, with renewed attacks on oil tankers in the Middle East raising concerns about possible disruptions to international oil supplies.

As of Friday, November 6, 2026, West Texas Intermediate (WTI) crude was trading at approximately 91 dollars and 50 cents per barrel, gaining about 1.08 percent, while Brent crude rose by 1.43 percent to around 99 dollars and 70 cents per barrel.

The recovery follows reports of fresh attacks on commercial vessels around the Strait of Hormuz, a critical shipping route through which a significant portion of the world’s oil supplies passes.

Despite the recovery, both oil benchmarks remain on course for weekly losses following a sharp decline earlier in the week.

For Zambia, continued volatility in international oil prices remains a concern as the country imports all its refined petroleum products, leaving the domestic energy market exposed to movements in global prices and the exchange rate.

The impact is already reflected in domestic fuel prices, with the Energy Regulation Board increasing petrol prices to 33 Kwacha and 6 ngwee per litre and diesel to 34 Kwacha and 45 ngwee per litre for November.

Any sustained increase in international oil prices could add pressure to Zambia’s fuel import costs, with possible implications for transportation, production costs and the prices of goods and services.