Kenya is staring at higher inflation from elevated fuel pump prices after oil benchmarks in the global market shot up to four- year highs on Monday on concerns that the deepening conflict in the Middle East will hurt global supply of the commodity.
Benchmark crude prices crossed the $120 per barrel mark for the first time since June 2022, with markets fearful of a prolonged closure of the Strait of Hormuz which carries about 30 percent of global oil supply.
