Hormuz Closure Pushes Brent to $87.38 Amid Ongoing Transit Talks

The Strait of Hormuz remains closed as Iran insists it won't reopen until the US ends its war. This has led to a significant increase in oil prices, with Brent crude trading at $87.38 per barrel and KES 11,293 in Kenya.

Oman is discussing a temporary joint shipping corridor and mine-clearing project with Iran, but talks are ongoing and no agreement has been reached yet.

The closure has had significant economic implications for fuel-importing countries such as Kenya, Nigeria, Uganda, and Tanzania. Kenya's fuel import bill hit a record KSh 122.4 billion in May due to the increased costs of landed fuels, while Brent crude is up 28.5 percent year on year.