Oil Could Hit $170 — The Guardian Warns of Full Global Recession

A prolonged Middle East conflict could push oil above $170, triggering global recession. European gas prices doubled. Iraq declared force majeure on oilfields. Drone strikes hit Kuwaiti refineries. WTI crude nearing $98. Gold crashed 2% to $4,570/oz — largest weekly decline since 1983.

$170 oil is existential for Ghana. Every $10 increase costs Ghana ~$200M annually in additional import expenditure. The Finance Ministry must TODAY begin preparing emergency austerity and fuel rationing scenarios.