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The sharp market reaction followed a strongly worded social media post by Trump on Sunday, in which he warned that the United States would target critical Iranian infrastructure if ships were not allowed safe passage through the vital shipping lane by Tuesday.
He repeated an earlier threat to unleash "hell" but told US media there was a "good chance" of a deal being reached with Tehran.
Energy executive Mohamud Salat says global fuel crises can spur innovation and cleaner alternatives, but warns Kenya’s weak refining capacity and stalled Turkana oil plans limit long-term gains.
Thirty Three Energy CEO Mohamud Salat warns that rising tensions around the Strait of Hormuz could disrupt up to 20% of global oil supply, driving sustained high fuel prices and exposing Kenya’s heavy import reliance.
The statement further explained that Iran continues to support the movement of commercial ships through the strait, provided they are not involved in activities considered hostile and comply with safety measures issued by Iranian authorities.
The disruption highlights ongoing pressure in the fuel supply chain, with firms racing to maintain stability as consumers face intermittent stock-outs across parts of the country.
Speaking during a Radio Generation interview on Thursday, Kaluma warned that how both consumers and suppliers respond to perceived shortages could place unnecessary pressure on the fuel supply chain.
In a post on X on Thursday, he highlighted the prolonged closure of the Strait of Hormuz as a particular concern, noting it is “choking the movement of oil, gas & fertilizer at a critical moment in the global planting season.”
He said attacks on civilian infrastructure may constitute war crimes and called on all states to act urgently to end the conflict.
The ongoing war in Iran has disrupted global oil supplies, pushing crude prices higher and increasing fuel costs. Geopolitical analysts warn that oil prices could remain high for years as markets struggle to recover.
The threats come as the Strait of Hormuz, a vital conduit for around a fifth of global oil and liquefied natural gas supplies, remains effectively closed, sending European gas prices surging as much as 35% last week.
The coalition accused Iran of carrying out attacks on unarmed commercial vessels in the Gulf and targeting civilian infrastructure, including oil and gas installations, while also enforcing what it described as a “de facto closure” of the strategically vital Strait of Hormuz.