Brent crude dropped to $88 per barrel, down from nearly $100 on April 16, 2026, as markets responded to the possibility of restored stability in one of the world’s most critical oil routes. The Strait of Hormuz handles nearly 20% of global oil shipments, making it highly influential in determining international energy prices.

The earlier spike in prices followed escalating tensions after Iran restricted certain vessels amid a conflict involving the United States and Israel. Prior to the crisis, oil prices were around $70 per barrel, but surged to $119 in March due to supply concerns.

Although global prices are now easing, the impact of previous increases is still being felt in Rwanda. Recently announced fuel prices show petrol rising to 2,938 Rwandan francs per litre, up from 2,303 francs, while diesel remains unchanged at 2,205 francs per litre.

These developments highlight how geopolitical events continue to shape global energy markets, with ripple effects reaching economies worldwide.