Air travel between Kenya and Middle East rebounds despite continued conflict

Oil prices surged on October 20, nearing a five-month peak, as traders incorporated a geopolitical risk premium amid Houthi strikes on Saudi Arabia's infrastructure and reports of ship assaults in the Persian Gulf, according to Reuters. Brent crude futures climbed 52 cents, or 0.47%, to $110.07 per barrel. The previous day, the price peaked at $110.70, the highest since May 20.

The U.S. benchmark West Texas Intermediate (WTI) contract for November delivery increased 0.36% to $104.03. Analysts at the bank ING cautioned that if oil flows persist unhindered despite the geopolitical climate, the risk premium may gradually diminish. However, recent events indicate this may not be the case.

At least 18 tankers were targeted over the past two weeks, maintaining the risk premium on shipments through the Strait of Hormuz. Meanwhile, Yemen's Houthi rebels, allied with Iran, claimed responsibility for a series of attacks on energy, airport, and military installations in Saudi Arabia on October 19, including an Aramco facility in Yanbu, the Shaybah oil field, King Khalid International Airport in Riyadh, and an airport in Abha.

The resurgence of Middle Eastern attacks has intensified concerns over regional stability and heightened worries about uninterrupted energy supplies from the region, contributing to oil prices remaining above $100 per barrel.

The situation in the Middle East has been volatile, with multiple attacks and military actions throughout the summer. In July 2026, U.S. President Donald Trump promised that the United States would respond to any Iranian attack on a ship in the Strait of Hormuz by destroying a bridge or power plant. The United States conducted its 12th consecutive night attack on Iran overnight into July 23, as oil prices reached their highest level in over six weeks due to worsening conditions in the Red Sea and the U.S. strikes on Iran.

On August 10, oil prices increased due to uncertainty surrounding the reopening of the Strait of Hormuz. Despite a second weekly gain in oil prices, they fell slightly on August 21 as the ongoing war between the United States and Iran continues to disrupt supplies from a vital oil-producing region in the Middle East. On August 27, oil prices fell further, reacting to expectations that talks between Iran and Oman might help reopen the Strait of Hormuz.

On September 10, the oil price surpassed the $100 mark, and on September 28, prices rose slightly amid delays in negotiations for a ceasefire between the United States and Iran, following Trump's rejection of a proposed peace deal.