Business & Economy
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Oil Price Soars Above $118 After Reports of ‘Extended’ Iran Blockade
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.
Kenya Adds 717,000 Jobs in 2025
Kenya added approximately 716,800 new jobs in 2025, with the overwhelming majority originating from the informal sector, reinforcing the nation's continued reliance on small-scale employment despite a slight dip in GDP growth. The construction of a modern market in Iten, Kenya has significantly boosted youth employment, transforming the local economy and providing opportunities for hundreds of young people. Motorcycle sales in Kenya more than doubled in 2025, reaching a four-year high, with the surge attributed to a more stable Kenyan shilling and reduced interest rates on loans.
Kenya’s Mobile Money Users Hit 51.4mn
Kenya experienced a significant surge in mobile money subscriptions, reaching 51.4 million in 2025, according to the Kenya National Bureau of Statistics (KNBS). The Kenyan insurance industry is rapidly transforming from a transactional model to a data-driven, personalized approach, driven by evolving consumer expectations and the rise of platforms like Netflix and Amazon. KCB Bank has launched a new mortgage product with single-digit interest rates specifically for individuals in Kenya's informal economy, aiming to boost homeownership.
