Brent Crude Surpasses $100 as Middle East Tensions Escalate
Global Brent crude prices have surpassed $100 per barrel for the first time since July 2026, sparking concerns of higher pump prices in Kenya and other countries that rely on imported refined fuel. This development comes as tensions between the US, Israel, and Iran escalate, with a recent attack on five Iranian oil carriers by the US military.
The price increase is expected to impact diesel and petrol prices in Kenya, which have already seen significant increases over the past nine days. According to Platts pricing, the daily benchmark for refined petroleum products, super has increased by an average of $87 per cubic metre, while diesel has gone up by $57.
The anticipated price hike will likely affect consumers and drive inflation locally, unless the government chooses to subsidize prices. Diesel is a crucial fuel in Kenya, used in industries, public transport, and farm machinery, and its price increases can significantly impact the cost of living.