Oil prices have surged dramatically, with Brent crude briefly reaching $119 per barrel, following reports that the US is preparing for an 'extended' blockade of Iran.

• Oil prices rose nearly 7% in one day.
• President Donald Trump met with energy executives to discuss limiting the fallout from the conflict.
• The blockade aims to squeeze Iran’s economy, which is already facing a deepening crisis with 53.7% annual inflation.

The world is facing its most severe energy crisis in history, according to the International Energy Agency (IEA). Disruptions in oil and gas markets are a major concern, exacerbated by ongoing global conflicts.

• The IEA warns of serious disruptions in oil and gas markets.
• IEA Executive Director Fatih Birol highlighted the historical severity of the current energy crisis.
• The Middle East conflict has significantly altered the global natural gas market outlook, leading to supply shocks.

Kenya's Ministry of Investments Trade and Industry has temporarily relaxed fuel quality standards for six months to address supply chain disruptions.

• A higher sulphur limit of up to 50mg/kg for diesel and petrol is now permitted, reverting to previous standards.
• This decision was made following requests from the Ministry of Energy and Petroleum and industry players.
• The measure aims to maintain fuel availability and support economic stability while global supply conditions are volatile, as stated by Cabinet Secretary Lee Kinyanjui.