Oil prices hit $100 for the first time since May
Prices spiked after Houthi militia in Yemen attacked oil tankers in the Red Sea, threatening a key export route that Saudi Arabia has used to bypass the Strait of Hormuz...
✨ Key Highlights
Oil prices have surged past $100 a barrel for the first time since May, driven by escalating conflict in the Middle East and Houthi militia attacks on tankers in the Red Sea.
- Brent crude, the global benchmark, rose over 6% on Thursday.
- The conflict threatens key oil export routes, impacting global energy supplies.
- This price hike could lead to renewed inflationary pressures and higher consumer costs for fuel, food, and other goods.
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PPA Freeze Slowed Kenya's Renewable Energy Investment, Bloomberg Report - July 2026
A BloombergNEF report reveals that Kenya's freeze on new Power Purchase Agreements between 2018 and late 2025 significantly hampered investment in utility-scale renewable energy projects, despite renewables comprising over 80% of installed capacity. At the same time, oil prices have surged past $100 a barrel for the first time since May, driven by escalating conflict in the Middle East and Houthi militia attacks on tankers in the Red Sea. Meanwhile, controversy surrounds Dangote Group's proposed Sh2.2 trillion oil refinery in Lamu, part of the LAPSSET Corridor project. The interplay between renewable energy challenges and fossil fuel dynamics highlights Kenya's complex energy transition landscape.
