Oil Prices Plummet Amid Eased Tensions, Kenya's Fuel Price Review in Focus

A sharp decline in global oil prices has raised hopes that Kenyan motorists will soon receive relief when the Energy and Petroleum Regulatory Authority (EPRA) announces its next fuel price review.

The drop comes after US President Donald Trump announced that Washington would suspend planned military action against Iran, instead pursuing a new diplomatic agreement to end months of conflict disrupting global energy supplies.

Brent crude, the international benchmark used by Kenya to determine fuel import costs, fell over 5% to about $83 per barrel. West Texas Intermediate (WTI) crude dropped more than 6% to around $79 per barrel.

Kenya imports nearly all of its petroleum products, making it highly vulnerable to fluctuations in global oil prices.