prices

Domestic Petrol Prices Rise Amid Global Supply Concerns Initial hopes for a reduction in domestic petrol prices sparked by the International Energy Agency (IEA) announcing that oil-producing nations would ramp up production now appear to be short-lived. Just as expectations rose, the Iranian government's alarming statement regarding the potential closure of the Strait of Hormuz—a critical global supply route—sent international oil prices surging again. This unexpected turn of events followed assurances of price cuts from…

Mogadishu Bajaj drivers block key corridor as fuel prices more than double MOGADISHU — Auto rickshaw drivers blocked sections of a major artery in Somalia’s capital on Wednesday, parking their Bajaj three-wheelers between the Taleh and KM4 junctions to protest a sharp jump in fuel prices they say is crushing their earnings and pushing up transport fares. The roadside demonstration, which drew dozens of operators, disrupted traffic along one of Mogadishu’s busiest corridors as drivers demanded swift government action to…

Oil surges past $90 as war in Middle East chokes Strait of Hormuz, rattling fuel costs worldwide Oil prices spiked and showed no signs of easing a week after the United States and Israel launched major attacks on Iran, tipping the Middle East into war and choking off one of the world’s most vital energy arteries, the Strait of Hormuz. Commercial tankers carrying roughly 20 million barrels of oil a day are stranded in the Persian Gulf, unable to safely pass through the narrow waterway bordered by Iran, as missile and drone…

MOGADISHU, Somalia — Fuel prices in Somalia’s capital surged nearly 77% overnight on Sunday, intensifying pressure on households and businesses already strained by rising living costs and supply disruptions across the region. The price of gasoline jumped from about $0.65 to $1.15 per liter late Friday, according to traders and drivers. By rush hour, cars queued at multiple Mogadishu stations as motorists scrambled to fill up, while taxi and three-wheeler (Bajaj) operators warned they may have to raise fares to stay afloat.…

Stocks in the U.K. and U.S. rose while Asian indexes tumbled Wednesday as oil and gas prices whipsawed on fears the U.S.-Israel conflict with Iran will drag on and keep choking traffic through the Strait of Hormuz, a vital energy artery. The FTSE 100 and major U.S. and European benchmarks rebounded after two days of declines; several Asian markets fell sharply for a third straight session. Brent crude is up about 12 percent since Saturday, when U.S. and Israeli forces began bombing Iran and Tehran retaliated with strikes on…

Somalia fuel prices jump 77% in 72 hours as Middle East conflict disrupts supply MOGADISHU, Somalia — Fuel prices in Somalia’s capital have surged about 77% within three days, an abrupt spike tied to the escalating Middle East conflict that is rattling energy markets and shipping lanes through the Red Sea and the Gulf of Aden. Market observers in Mogadishu said the retail price of petrol jumped to about $1.15 per liter from roughly $0.65 earlier this week, with the steepest increases posted by Friday evening. The surge…

Oil prices steady as U.S., Israeli strikes on Iran snarl Hormuz shipping and force Iraq output cuts Oil prices were steady after sharp swings Wednesday as U.S. and Israeli strikes against Iran escalated the conflict and left shipping through the Strait of Hormuz effectively shut for a fifth day, disrupting vital Middle East oil and gas production and trade. Brent crude fell 0.3% to $81.13 a barrel around 4 p.m. GMT, while West Texas Intermediate slipped 0.4% to $74.30. Both benchmarks had closed Tuesday at recent highs—Brent…

Oil and gas prices jumped Monday as escalating Iranian strikes across the Middle East snarled shipping lanes, hit energy infrastructure and stoked fresh inflation fears in global markets. European natural gas futures spiked as much as 50% intraday before closing 39% higher after QatarEnergy halted liquefied natural gas production following drone attacks on facilities in Ras Laffan Industrial City, according to the country’s defense ministry. Brent crude briefly touched $82 a barrel after at least three ships were attacked…

Oil and natural gas prices surged as Israeli and U.S. strikes on Iran and retaliatory attacks by Tehran forced shutdowns of energy facilities across the Middle East and snarled shipping in the Strait of Hormuz, one of the world’s most critical maritime chokepoints. A sustained rise threatens to undercut the global recovery, stoke inflation and lift U.S. gasoline prices — a political risk for President Donald Trump and Republicans ahead of November’s midterm elections. Brent crude futures jumped as much as 13% to $82.37 a…

NAIROBI, Kenya (AX) — A fresh initiative is underway with Kenya inaugurating a revamped pricing panel to tackle the plummeting cost of miraa, known as khat in Somalia. This vital cash crop supports thousands of farmers, with the strategy centered around boosting exports to Somalia, the predominant purchaser of Kenyan miraa. The panel's mission is clear: to stabilize miraa and muguka prices and enhance farmer revenues. The nine-strong committee, a brainchild of the Agricultural and Food Authority (AFA), boasts members from…