The Israel-Palestine Conflict actively impacts fuel prices. Drawing global attention due to its potential to disrupt oil supply chains. This conflict, situated in the Middle East, a region rich in oil reserves and a vital energy hub can cause fluctuation in fuel prices on a global scale.
The conflict’s influence on fuel prices underscores the intricate web of geopolitics, economics, and energy security that characterizes our interconnected world. As events continue to unfold, experts and policymakers closely monitor how these ongoing conflicts may actively send ripples throughout the global energy market.
Tetu Member of Parliament Geoffrey Wandeto. Has stirred anxiety by highlighting the potential impact of the Israel-Palestine conflict on fuel prices.
He emphasized the ongoing conflict between Israel and the Palestinian Islamist militant group Hamas. This could lead to additional surges in oil prices. Also, he voiced specific concerns, noting that fuel prices in Kenya have already experienced a surge.
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While appearing on the Citizen TV show Wandeto clarified the conflict’s outcomes in the coming weeks. May exert substantial pressure on global oil production. He stressed that an extended Israel-Hamas conflict might push oil prices beyond Keny’s comfortable threshold.
“We cannot downplay the new conflict between Israel and Palestine that has a significant impact on fuel prices,” he said.
Furthermore, Wandeto proposed that boosting exports could ease Kenya’s dollar shortage. Which has been impacting the country due to various factors, including a decline in exports.
He put forth the idea of actively exploring alternative settlement currencies for global trade. Also, the idea of promoting trading within East Africa using local currencies is a potential solution.
“This whole dollar thing thing is not just a Kenya thing. I read that Japan, which has a very strong economy, has less than 20 percent or so devaluation of their currency. Almost all countries in the world are hurting because what is happening in America is that they are trying to cool their economy from inflation,” he said.
He added, ” Now we are all victims of whatever goes on in America. When America coughs, the whole world catches a cold.”
Wandeto also highlighted the increasing global demand for oil products, driven by the resurgence of the Chinese economy. The combination of this demand and concerns that the Israel-Hamas conflict could expand into the petroleum-producing Gulf region has resulted in rising oil prices.
