Brent Hits KSh 14,937.20 ($114.99): Crude Climbs to a Five-Month High on Gulf FightingBrent Hits KSh 14,937.20 ($114.99): Crude Climbs to a Five-Month High on Gulf Fighting
Key Highlights
- Brent crude climbed 1.5% to KSh 14,937.20 ($114.99) a barrel by 1300 GMT on 23 October, touching its highest level since 4 May 2026.
- Reports that Saudi Aramco ordered its Dhahran headquarters evacuated and a UAE oil spill off Umm Al Quwain added to fresh Gulf supply worries.
- Kenya's pump price ceilings hold until 14 November, but crude at this level raises the risk of another increase at the next EPRA review.
Brent crude rose 1.5% to KSh 14,937.20 ($114.99) a barrel by 1300 GMT on Friday 23 October, after touching KSh 14,959.28 ($115.16) during the session, its highest since 4 May, as fighting between Houthi forces and Saudi Arabia intensified.
The new peak matters in Nairobi because Kenya imports refined fuel priced off these benchmarks. The Energy and Petroleum Regulatory Authority (EPRA) has capped pump prices until 14 November, and crude above the level seen a week ago raises the odds of a higher ceiling at the next review.
What moved the market
Brent was up KSh 222.13 ($1.71) on the day, from about KSh 14,715 ($113.28) at the previous settlement. US benchmark West Texas Intermediate gained 1.8% to KSh 13,154.97 ($101.27) a barrel, according to ICE Futures Europe and US exchange screens.
Traders pointed to reports that Saudi Aramco ordered the evacuation of its Dhahran headquarters on Thursday. Mwenendo has not seen a statement from the company confirming the report, so it remains unverified. Separately, the UAE environment ministry reported an oil spill off Umm Al Quwain without naming a cause or a vessel; the UAE Ministry of Climate Change and Environment is the body to watch for an update.
As Mwenendo earlier reported, Brent had touched a high since May on 16 October at KSh 14,270.81 ($109.86). Today's price is about 4.67% above that settlement, so the rally has extended rather than reversed.
What it means for Kenya
Mwenendo earlier reported on how Brent eased on Russian sanctions waivers on 19 October, a dip that has now been wiped out. The cap on pump prices protects motorists until 14 November, but the review will look at import costs across the whole pricing month, and October's crude has been firm throughout.
Higher fuel costs travel quickly into transport fares, freight and food. The Kenya National Bureau of Statistics (KNBS) put annual inflation at 6.8% in September, so another fuel increase would arrive while price pressure is already visible.
Mwenendo earlier reported that the International Energy Agency sees diesel shortages lasting into 2027, which leaves little room for relief if the Gulf fighting continues.
What is still unknown
Prices were still moving when the figures were recorded, and the conversions use about KSh 129.9 to the dollar. No official decision on the next EPRA review has been announced, and the outcome will depend on how crude trades through the rest of the pricing month.
In Summary
- What happened to Brent crude?
- Brent rose 1.5% to KSh 14,937.20 ($114.99) a barrel by 1300 GMT on 23 October, after an intraday high of KSh 14,959.28 ($115.16).
- When was it last this high?
- The intraday peak was the highest since 4 May 2026.
- Why did prices climb?
- Houthi-Saudi fighting intensified, with unconfirmed reports of an Aramco evacuation in Dhahran and a UAE oil spill off Umm Al Quwain.
- Where does Kenya feel it?
- At the pump and in transport and food costs, through the next EPRA price review due by 14 November.
- How are pump prices protected for now?
- EPRA has capped pump prices until 14 November, so motorists are shielded until the next review.