Global Oil Prices Fall Below Ksh 9066 Per Barrel, Raising Hopes for Cheaper Fuel

Murban crude Oil prices was reported by the Central Bank of Kenya to have decreased to USD 69.00 from USD 74.41 a week prior (week ending 25th June 2026).

The fall of 7.3% was attributed to weakening of geopolitical concerns following a preliminary no war agreement between US and Iran by CBK.

Iran had raised concerns of the closure of the Strait of Hormuz, a major route for oil transit.

CBK noted that prices of commodities declined in the week to June 25, 2026 as geopolitical risks eased following the agreed truce by Iran and U.S. In its Weekly Bulletin for June 26, 2026.

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Decline in Global Commodity Prices, including Crude Oil and Gold, Driven by Reduced Supply Interruption Risks

The bulletin found the world’s crude oil prices sagged in line with other commodities on reports of lowered risk of supply interruption.

Also spot gold prices fell from USD 4,208.59/oz to USD 4,026.60/oz indicating, in the CBK’s words, “a decline in safe-haven demand as investors’ appetite for risk improved.”

Oil markets had gained earlier in June amid concerns that fresh Washington–Tehran tensions could lead to disruptions through the Strait of Hormuz.

The 20-mile-wide waterway accounts for around 20% of the world’s oil shipments, but the ceasefire removed those worries and prompted selloffs in energy markets.

CBK also pointed out that the decline came against the back of U.S. Core Personal Consumption Expenditure inflation rising to 3.4% in May 2026 from 3.3% in April.

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Impact of Global Crude Prices on Kenya’s economy

On the other hand, the U.S. Dollar Index appreciated by 0.6% during the week, which in most cases pushes dollar- rated oil prices lower.

Crude was also up as the shilling remained steady against major currencies.

“Shilling traded at Ksh 129.63 per U.S. Dollar on June 25 from Ksh 129.55 on June 18.” Noted CBK.

The foreign exchange reserves stood at USD 13.173 billion, while foreign exchange reserves was at USD 13.173 billion.

Decreased crude oil prices relieve some of the burden on Kenya’s import bill and inflation.

Since fuel is the most imported item in Kenya, authorities stated the world crude prices will impact the local pump prices as well as transportation costs.

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CBK Weekly Bulletin June 26, 2026 shows Murban crude oil fell to USD 69.00/barrel from USD 74.41 as US-Iran ceasefire eased Strait of Hormuz tensions. Credits CBK X