Kenya to Suffer $800M Loss as Fuel Prices Soar Amid Global Conflict
The ongoing conflict between the US, Israel, and Iran is causing fuel prices to skyrocket, resulting in an estimated $800 million loss for Kenya by the end of 2026. According to a report by 350.org, the East African nation has already incurred a direct loss of $340 million since the start of the war.
The analysis estimates that even if the conflict is resolved quickly, higher oil prices would still cost the Kenyan people and businesses over half a billion Kenyan Shilling (between $490 million and $520 million) by the end of the year. Kenya imports all its petroleum products, making it vulnerable to global fossil fuel price volatility.
The report warns that the true economic damage is likely to be significantly greater than the direct losses from higher oil prices alone, as rising fertiliser and food costs, lower economic output, and employment will also occur.