Oil prices fall on hopes Strait of Hormuz could reopen
The cost of a barrel of Brent crude, the global benchmark for oil prices, fell by almost 5% to under $80 (£60) on the news of supply disruptions potentially being eased...
✨ Key Highlights
Oil prices dropped to a three-week low as senior US officials indicated progress in talks with Iran aimed at reopening the crucial Strait of Hormuz. The potential easing of supply disruptions has significantly impacted global oil markets.
- Brent crude prices fell by almost 5% to under $80 (£60).
- US Secretary of State Marco Rubio and Treasury Secretary Scott Bessent announced talks had progressed.
- The Strait of Hormuz handles about one-fifth of global daily oil and liquefied natural gas supplies.
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Land and Car Prices Rise While Oil Costs Decline - August 2026
The average car price in Kenya has surged by 72 percent in the last two years, reaching Sh1.37 million, making vehicle ownership significantly more costly for many, primarily due to new import cost calculations. Land prices in Nairobi's suburbs saw modest growth in Q2 2026, with Lang'ata and Karen leading the surge as buyers sought areas with lower acquisition costs. In contrast, oil prices dropped to a three-week low as senior US officials indicated progress in talks with Iran aimed at reopening the crucial Strait of Hormuz, potentially easing global supply disruptions.
