Kenya’s record fuel hike is the trigger consumers needed to inflame muted anger as Middle East crisis bites – analysts
On Tuesday, the country’s energy regulator raised the prices of super petrol and diesel by record margins of Ksh28.69 (about $0.22) per litre and Ksh40.3 per litre, respectively. The effects were immediate. In the public transport sector, operators, commonly known as matatus, raised fares by about 25 percent overnight.
‘A whole civilisation will die tonight, never to be brought back again,’ Trump warns Iran
Trump threatened to destroy all of Iran’s power plants and bridges if Tehran does not allow traffic to fully resume in the strait, through which a fifth of the world’s oil transits in peacetime. Iran’s president said 14 million people, including himself, have volunteered to fight.
World oil prices soar in wake of market turmoil triggered by economic fallout of US-Israel strikes on Iran
Despite efforts by other nations to boost supply, analysts predict that the oil market will continue facing significant shortages, with geopolitical risk premiums expected to stay elevated. This surge in oil prices adds further strain to a struggling global economy. Surging oil prices have triggered turbulence across global financial markets, sending major stock indices into sharp decline.
World leaders express concerns over Middle East crisis, question Israel’s ‘pre-emptive strikes’ in Iran
Across the Middle East, governments voiced fears that the confrontation could spiral into a broader regional war. Oman, which has mediated recent US-Iran talks, expressed dismay that negotiations had been undermined and urged an immediate halt to military operations.
Global oil market thrown into uncertainty as US, Israel strikes in Iran create biggest crisis in years
Tanker freight rates, which had already been climbing as tensions escalated, are set to rise further. Benchmark rates for very large crude carriers from the Middle East to China have more than tripled since the start of the year, reflecting both heightened risk and the shrinking pool of willing vessels.
Error of judgment? US President Trump’s scramble for Venezuelan oil coincides with transition shrinking appetite for fossil fuel
Experts caution that a number of realities – including international oil prices and longer-term questions of stability in the country – are likely to make this oil revolution much harder to execute than Trump seems to think.
World oil markets react to ramped up hostilities in Middle East as Israel pounds Iran’s nuclear sites
US President Donald Trump urged Iran to make a deal over its nuclear programme, to put an end to the “next already planned attacks.” The National Iranian Oil Refining and Distribution Company said oil refining and storage facilities had not been damaged and continued to operate.
Uganda seeks to expand crude oil discoveries with more explorations in north and northeast
Uganda has five basins where hydrocarbon potential is suspected, with only one, the Albertine, successfully explored so far, the energy ministry says. The two oil fields in the Albertine basin – Tilenga and Kingfisher – are majority-owned by TotalEnergies with a 56.7 per cent stake, while China’s CNOOC and the Uganda national oil company UNOC own the remaining share.
