Finance Minister warns Middle East war could impact oil prices in Jamaica

Finance and the Public Service Minister Fayval Williams says the price of oil in Jamaica is expected to be impacted by the current war in the Middle East.

Williams said the extent of the impact will depend on how long the conflict persists, noting that there has already been upward movement in international prices.

The war has disrupted global oil shipments through the Strait of Hormuz, a narrow but important waterway in the region.

About 20 per cent of the world’s oil and gas passes through that shipping lane to supply the global market.

Appearing before the Standing Finance Committee of Parliament this morning, the finance minister was presenting the 2026/2027 budget in the context of Category Five Hurricane Melissa and the escalating conflict in the Middle East.

“Jamaica is an importer of oil, so what happens to oil prices on the global market is expected to have an impact on Jamaica,” she said.

She told members of the committee that the price of oil has jumped by 15 per cent since the outbreak of the conflict in the Middle East.

Williams said that since Saturday, the price of crude oil on the global market increased from US$54 per barrel to US$74 per barrel.

She said the government is keeping an eye on developments.

Follow The Gleaner on X, formerly Twitter, and Instagram @JamaicaGleaner and on Facebook @GleanerJamaica. Send us a message on WhatsApp at 1-876-499-0169 or email us at onlinefeedback@gleanerjm.com or editors@gleanerjm.com.