New York, USA – Global oil prices suffered their sharpest single-day drop in months on Friday, April 17, 2026, after Iranian Foreign Minister Seyed Abbas Araghchi declared the Strait of Hormuz “completely open,” significantly easing fears of prolonged supply disruptions triggered by the Iran conflict.

U.S. West Texas Intermediate crude for May delivery fell 10.6% to settle at $84.63 per barrel, while international benchmark Brent crude for June delivery tumbled 9.9% to $89.50 per barrel.

The dramatic sell-off followed Araghchi’s statement on X, which came shortly after U.S. President Donald Trump indicated that the war in Iran, which erupted on February 28, “should be ending pretty soon.”

The comments coincided with a 10-day ceasefire between Israel and Lebanon that took effect on Thursday evening. Trump announced plans to host Israeli Prime Minister Benjamin Netanyahu and Lebanese President Joseph Aoun at the White House for what he called the first meaningful talks between the two countries since 1983.

The U.S. State Department said both sides were working toward lasting peace, including mutual recognition of sovereignty, improved border security, and addressing threats from non-state armed groups.

Analysts at ING noted that while the physical oil market remains tight — with roughly 13 million barrels per day of supply still disrupted — diplomatic progress has provided substantial relief to traders. However, they cautioned that a breakdown in broader U.S.-Iran peace talks remains a major upside risk for prices, given the significant gap in demands between the two sides.

The developments mark a potential turning point in the energy crisis that has gripped global markets since late February, when Iranian restrictions on the Strait of Hormuz — a chokepoint responsible for about 20% of the world’s oil and gas exports — sent prices soaring.

Accra, Ghana – The Government of Ghana has formally initiated high-level diplomatic engagements with Singapore to establish a permanent embassy in the Asian financial and technology hub, marking a strategic expansion of its global diplomatic presence.

The announcement follows a working visit by a Ghanaian delegation led by Deputy Minister of Foreign Affairs James Gyakye Quayson to Singapore from April 10 to 15, 2026.

During discussions with Singapore’s Minister of State for Foreign Affairs and Social and Family Development, Zhulkarnain Abdul Rahim, Ghana officially conveyed its intention to open a resident mission.

The proposed embassy aims to enhance consular services for Ghanaian nationals, facilitate trade and investment flows, and deepen institutional cooperation in technology, capacity building, and economic development.

This move forms part of a broader foreign policy drive by the Ministry of Foreign Affairs to establish new diplomatic missions and permanent chanceries in strategic locations, while reducing heavy reliance on rented premises that currently cost the state around $15 million annually.

Earlier commitments outlined at the 2025 Conference of Heads of Mission include opening missions in Massachusetts (USA), Dublin (Ireland), Lisbon (Portugal), and Singapore by 2026. Recent developments under this agenda include the opening of a new chancery in Ethiopia in February and planned missions in Brazil, Trinidad and Tobago, Serbia, and Hungary.

Singaporean authorities welcomed the proposal and expressed strong commitment to expanding bilateral ties with Ghana. Officials from both sides see the new mission as a platform to boost South-South cooperation and tap into Asia’s dynamic economic opportunities.

The establishment of the embassy is expected to be completed within the government’s 2026 diplomatic expansion timeline.

London, United Kingdom – Ghana’s High Commissioner to the United Kingdom, Zita Sabah Benson, has reassured Ghanaian students on government scholarships that a structured payment plan is being implemented to settle outstanding tuition fees and stipends, following the recent release of first-quarter funds by the Ghana Scholarships Secretariat.

The assurance was given during a meeting with student representatives on April 16, 2026, after the Secretariat disbursed funds aimed at addressing an estimated £32 million debt. The timely release helped avert a planned protest scheduled for April 17.

Students had earlier threatened to demonstrate over prolonged delays, with some reporting unpaid stipends for periods ranging from 15 to 40 months. Many faced financial hardship, including warnings from universities and potential immigration issues due to unpaid tuition and missing renewal letters.

High Commissioner Benson clarified that the fund release was part of the Secretariat’s regular quarterly schedule and not a reaction to the protest threat. She emphasised the government’s commitment to establishing a more predictable and sustainable payment mechanism to prevent future disruptions.

The Ghana Mission in the UK has also begun engaging with individuals, churches, and Ghanaian organisations to provide interim support for affected students while discussions continue with authorities in Accra for a lasting resolution.

Students had raised concerns about new scholarships being awarded to beneficiaries in countries such as Canada, the United States, Germany, and China, while longstanding obligations to UK-based scholars remained unresolved.

The High Commissioner’s intervention is seen as a positive step toward restoring confidence and ensuring Ghanaian scholars can focus on their studies without financial distress.