Global oil prices dropped sharply ahead of the Energy and Petroleum Regulatory Authority (EPRA) April-May review.
According to Trading Economics, as of April 8, crude oil prices had fallen sharply to $95.74 per barrel, down 15.24%.
Meanwhile, Brent crude dropped 14.17% to $93.79 per barrel.
Natural gas also declined, trading at $2.74 per million British thermal units, down 4.61%.
Gasoline prices fell 10.88% to $2.95 per gallon, while heating oil experienced the steepest drop, sliding 17.60% to $3.69 per gallon.
Earlier, Brent crude had risen by more than 9% in Asian trading to surpass $100 per barrel, while West Texas Intermediate (WTI) crude futures jumped toward $95 per barrel, marking a second straight session of gains.
The sharp decline came after Trump said he would suspend military operations against Iran for two weeks if the country immediately reopens safe passage through the Strait of Hormuz.
“Based on conversations with Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, of Pakistan, and wherein they requested that I hold off the destructive force being sent tonight to Iran, and subject to the Islamic Republic of Iran agreeing to the complete, immediate, and safe opening of the Strait of Hormuz, I agree to suspend the bombing and attack of Iran for a period of two weeks. This will be a double-sided ceasefire!” Trump posted.
Kenyan Fuel Market
The decline in global oil prices brings relief to Kenyan motorists, who have faced fuel shortages at several filling stations, with some outlets reportedly running dry.
The Consumer Federation of Kenya (COFEK) has noted that some stations have deliberately withheld fuel due to quality concerns, though the shortage is not linked to hoarding.
Cabinet Secretary for Energy and Petroleum, Opiyo Wandayi, confirmed that Kenya has sufficient petroleum stocks to meet current demand.
Also Read: Kenyan Motorists Face Long Queues as Petrol Stations Run Out of Fuel
Currently, Energy and Petroleum Regulatory Authority (EPRA) prices in Nairobi are KSh 178.28 per litre for Super Petrol, KSh 166.54 for Diesel, and KSh 152.78 for Kerosene.
In other major cities, prices are as follows:
- Kisumu: Super Petrol KSh 178.16, Diesel KSh 166.76, Kerosene KSh 153.03
- Mombasa: Super Petrol KSh 175.00, Diesel KSh 163.26, Kerosene KSh 149.49
- Eldoret: Super Petrol KSh 178.16, Diesel KSh 166.77, Kerosene KSh 153.03
Also Read: Govt to Consider Fuel VAT Review
Why the Strait of Hormuz Is Crucial for Global Oil and Trade
The Strait of Hormuz is a vital waterway, capable of handling the world’s largest crude oil tankers, and is used by key oil and LNG producers across the Middle East.
In 2025, around 20 million barrels of oil and petroleum products passed through the strait each day, amounting to nearly $600 billion in annual trade, according to the US Energy Information Administration (EIA).
This oil originates not only from Iran but also from Gulf countries, including Iraq, Kuwait, Qatar, Saudi Arabia, and the UAE.
Beyond energy, Hormuz is essential for global fertilizer exports, handling about a third of the world’s trade, and for Middle Eastern imports such as food, medicine, and technology.
