Anyone who has queued at a petrol station lately will understand why energy markets matter. Brent crude oil prices climbed to $110.70 a barrel in the previous session, the highest since 20 May, before easing slightly on Tuesday. Brent was down 0.45% at $109.06 early in the day, while US crude for November delivery was at $103.32.
Middle East tensions keep traders nervous
The main driver is the Middle East. Yemen’s Iran-aligned Houthis said they attacked Saudi energy, airport and military targets, including an Aramco site in Yanbu and the Shaybah oilfield. A separate Houthi assault on a security forces camp in Yemen’s Shabwa province killed 58 people. These attacks keep Middle East tensions at the centre of the global oil supply picture and have held prices above $100 for weeks.
A Russian waiver adds a twist
Prices dipped as the market weighed an executive order from US President Donald Trump waiving some sanctions and tariffs tied to Russian energy. Trump said he had yet to make a final decision, and Secretary of State Marco Rubio said officials wanted more time. Russia’s crude output rose by 65,000 barrels per day in September to 8.43 million, still about 870,000 below a year earlier, according to the International Energy Agency.
One analyst noted that extra Russian diesel offers only theoretical relief, because traders are far more worried about damage to Gulf energy infrastructure.
Why Africans should care
The crude oil market feels distant until the pump price changes. Kenya recently raised fuel prices, blaming higher import costs linked to the Middle East conflict. Most African countries import refined fuel, so higher energy prices feed straight into transport fares, food costs and inflation.
Producers such as Nigeria and Angola can earn more from every barrel. But they often import refined products too, which limits the gain. Either way, households and small businesses are the ones adjusting to energy prices that rarely stay still.
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