Oil prices surged despite a record release of emergency reserves by International Energy Agency (IEA) member countries aimed at stabilizing the market following concerns linked to the Iran war.

• 400 million barrels of oil will be released from emergency reserves, a move described as "historically significant."
• Iran warned that oil could reach $200 a barrel due to intensified attacks on shipping in the Strait of Hormuz.
• Oil prices have been volatile since late February, with Brent crude reaching almost $120 a barrel earlier this week, impacting fuel prices globally.

US inflation remained stable at 2.4% in February, a figure recorded before the impact of the US and Israel war in Iran on energy prices.

• Consumer prices rose 2.4% over the 12 months to February.
• Key players include the US central bank, the Federal Reserve, and analysts from Principal Asset Management.
• The conflict has already driven the average cost of a gallon of car fuel past $3.50, with analysts predicting inflation could exceed 3%.

Kenyan exporters of perishable goods are facing significant financial losses due to shipping route disruptions caused by the conflict between the US and Iran. Extended transit times are leading to quality degradation and mounting expenses for key agricultural and meat products.

• Exporters are experiencing additional transit times of 10–20 days for shipments rerouted around the Red Sea.
• Businesses like Sasini and the Kenya Meat Livestock Exporters Industry Council (KEMLEIC) are reporting substantial losses, with over 300 tonnes of meat stuck in storage and fears of losing up to 20% of the Middle East tea market.
• Shipping lines are diverting vessels from the Suez Canal and Strait of Hormuz through the longer Cape of Good Hope route to avoid attacks.

A looming fuel shortage threatens Kenya and Uganda by the end of March due to global ramifications from the Iran war.

• A major Abu Dhabi National Oil Company (Adnoc) refinery supplying fuel to both nations has been forced to close indefinitely after being hit in the conflict, invoking a force majeure clause.
• The Ministry of Energy and Petroleum, along with fuel importing firms, is in urgent meetings to avert the crisis, with current petrol stocks estimated to last only until March 28.
• Emergency supplies are being sought from India, Oman, and Al-Fujairah, with a vessel expected in early April, but a gap remains between now and then.