Oil Price Surge Expected to Affect Jamaica Amid Middle East Conflict — Williams

Finance and the Public Service Minister Fayval Williams has cautioned that rising global oil prices are likely to affect Jamaica as tensions intensify in the Middle East.

Speaking before Parliament’s Standing Finance Committee on Thursday morning, Williams said the duration of the conflict will determine how severely energy costs impact the island. She noted that international oil prices have already begun to climb.

The minister explained that the war has interrupted shipping activity through the Strait of Hormuz, a critical corridor for global energy trade. Roughly one-fifth of the world’s oil and gas supply moves through the narrow passage.

Williams addressed lawmakers while presenting the Government’s 2026/2027 Budget, outlining fiscal plans against the backdrop of Category Five Hurricane Melissa and the worsening geopolitical situation overseas.

Highlighting Jamaica’s dependence on imported fuel, she said fluctuations in the international market inevitably affect domestic prices.

Committee members were informed that crude oil costs have risen by approximately 15 per cent since the conflict began. Williams added that prices climbed sharply in recent days, moving from US$54 to US$74 per barrel on the global market.

The Government, she said, continues to closely monitor developments.