Commodities
Middle East Tensions Send Oil Prices Soaring
Oil prices surged to over Ksh11,780 per barrel on Tuesday as tensions in the Middle East escalated following US and Iranian attacks.
The Brent crude benchmark rose more than 1% after the first exchanges of fire between the two countries in over a month, with November delivery prices reaching Ksh11,837 per barrel.
US President Donald Trump pledged to respond to Tehran's strikes on Jordanian bases, stating 'We're going to hit them hard.'
The Strait of Hormuz, a critical oil shipping route, remains heavily constrained due to the ongoing conflict. Ship traffic has dwindled since August 24, with only 107 transits recorded from August 24 to August 30.