Crude oil prices could hit a high of Sh23,636 ($157) per barrel should the conflict in the Middle East escalate, negatively affecting oil-importing countries like Kenya where consumers are already grappling with record-high pump prices.
The World Bank’s latest Commodity Markets Outlook found that in case of a “large disruption” scenario —comparable to the Arab oil embargo in 1973 — the global oil supply would shrink by six million to eight million barrels per day.
