East African citizens brace for hard times as Gulf war escalates
Oil tankers discharge fuel at Kipevu Oil Terminal 2 at the Port of Mombasa. Rerouted vessels could raise freight costs by up to 50 percent for regional ports.
Days after the US and Israel launched attacks on Iran, the high cost of the conflict has started emerging. Tehran has retaliated by targeting US allies, including the United Arab Emirates (UAE), Saudi Arabia, Bahrain, Qatar, Kuwait, and Iraq. Oil and gas prices have surged in the aftermath.
The benchmark Brent price jumped more than three percent towards the $84 per barrel on March 5, approaching its highest level since July 2024.
