Global Oil Prices Plummet by 7.3% Amid Geopolitical Tensions
The Central Bank of Kenya (CBK) has released its weekly bulletin for August 7, providing insights into global oil prices and their potential impact on Kenyan motorists ahead of the Energy and Petroleum Regulatory Authority's (EPRA) fuel price review.
Global oil prices declined by about 7.3% over the past week, dropping from $78.24 per barrel to $72.54 per barrel on August 6, 2026. This decline comes despite heightened geopolitical tensions in the Middle East.
The CBK bulletin notes that inflation risks remain elevated globally due to renewed tensions around the Strait of Hormuz, which has led to increased energy-related inflation in advanced economies. However, crude oil prices moved lower during this period.
The drop in international oil prices may provide some relief for Kenyan motorists ahead of EPRA's monthly fuel price review on August 14, 2026. The regulator is expected to announce new pump prices for the period August 15 to September 14, 2026.