Oil price soars above $118 after reports of ‘extended’ Iran blockade
Brent crude briefly hit $119 (£88) a barrel on Wednesday evening, the highest price so far this month and a rise of nearly 7% in one day. Kenya breaking news | Kenya news today |..
✨ Key Highlights
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.
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Oil Price Soars Above $118 After Reports of ‘Extended’ Iran Blockade - April 2026
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. The world is facing its most severe energy crisis in history, according to the International Energy Agency (IEA), with disruptions in oil and gas markets exacerbated by ongoing global conflicts. Meanwhile, Kenya's Ministry of Investments Trade and Industry has temporarily relaxed fuel quality standards for six months to address supply chain disruptions. These developments highlight the interconnected nature of global energy markets and local fuel supply challenges.
