U.S. President Donald Trump announced that the United States will maintain its blockade on Iranian ports until a comprehensive agreement is established with Tehran. This declaration comes amid ongoing ambiguity regarding the possibility of renewed negotiations aimed at resolving the conflict.The blockade, initiated a week ago, has severely impacted Iran,
Tag: global oil prices
Ruto’s Fuel VAT Cut: Relief or Economic Illusion?
President William Ruto’s decision to reduce the Value Added Tax (VAT) on fuel from 16 percent to 8 percent is being celebrated as a significant relief measure. However, this policy shift reveals a more complex and troubling reality.Kenya lacks full control over its fuel prices and the overall cost of
Fuel Prices Surge Above Sh200 as EPRA Posts April–May 2026 Hike
The Energy and Petroleum Regulatory Authority (EPRA) announced on Tuesday that fuel prices for the April–May cycle will see significant increases nationwide, driven by rising global oil costs.In a statement, EPRA confirmed, “We have calculated the maximum retail prices of petroleum products, effective from April 15, 2026, to May 14,
US Blocks Strait of Hormuz After Failed Iran Talks, Global Oil Risks Rise
Following unsuccessful negotiations with Iran, the United States implemented significant measures on Monday by imposing a blockade on the Strait of Hormuz, a critical passage for the global energy market.Experts caution that the intricate nature of the strait and potential repercussions for U.S. interests may render a complete blockade difficult
US-Iran Ceasefire Reopens Strait of Hormuz, Oil Prices Drop
Iran and the US have reached a ceasefire agreement, contingent upon ensuring "safe passage" through the Strait of Hormuz.Since the US and Israel's assault on Iran on February 28, Tehran had effectively blocked this vital waterway, one of the busiest oil shipping routes globally.Typically, around 20% of the world's oil