
Kenyan shilling steady as remittance inflows provide support
NAIROBI: The Kenyan shilling was steady against the dollar on Thursday compared with the previous session, supported by some remittance hard currency inflows, traders said.
Kenyan shilling flat versus dollar, LSEG data shows
At 0726 GMT commercial banks quoted the shilling at 129.20/129.50, stable from Wednesday's close.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Business Recorder
an hour ago
- Business Recorder
Oil prices jump as Israel-Iran conflict enters seventh day
LONDON: Oil prices rose on Thursday after Israel and Iran continued to exchange missile attacks overnight and U.S. President Donald Trump's stance on the conflict kept investors on edge. Brent crude futures rose $1.06, or 1.4%, to $77.76 a barrel by 1151 GMT. U.S. West Texas Intermediate crude for July was up $1.26, or 1.7%, at $76.40. Brent had surged to its highest in nearly five months at $78.50 on June 13, when Israel began its attacks. The conflict entered its seventh day on Thursday after Israel struck Iranian nuclear sites and Iranian missiles hit an Israeli hospital. There is still a 'healthy risk premium baked into the price as traders wait to see whether the next stage of the Israel-Iran conflict is a U.S. strike or peace talks', said Tony Sycamore, analyst at trading platform IG. Goldman Sachs said on Wednesday that a geopolitical risk premium of about $10 a barrel is justified, given lower Iranian supply and risk of wider disruption that could push Brent crude above $90. President Trump told reporters on Wednesday that he had yet to decide whether the U.S. will join Israel in its attacks on Iran. As a result of the unpredictability that has long characterised Trump's foreign policy, 'markets remain jittery, awaiting firmer signals that could influence global oil supply and regional stability' said Priyanka Sachdeva, analyst at Phillip Nova. Oil falls as Iran-Israel conflict enters sixth day The risk of major energy disruption will rise if Iran feels existentially threatened, and U.S. entry into the conflict could trigger direct attacks on tankers and energy infrastructure, said RBC Capital analyst Helima Croft. Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries, extracting about 3.3 million barrels per day (bpd) of crude oil. About 18 million to 21 million bpd of oil and oil products move through the Strait of Hormuz along Iran's southern coast and there is widespread concern the fighting could disrupt trade flows. Separately, the U.S. Federal Reserve kept interest rates steady on Wednesday but pencilled in two cuts by the end of the year. Lower interest rates could stimulate the economy, helping to support demand for oil. On the supply side, U.S. crude stockpiles fell sharply last week, registering the largest decline in a year, the Energy Information Administration said on Wednesday. Russia, the U.S. and Saudi Arabia could act jointly to stabilise oil markets if needed, Russia's investment envoy Kirill Dmitriev told Reuters.


Business Recorder
6 hours ago
- Business Recorder
Oil prices jump after Israel broadens attack on Iran's nuclear sites
BEIJING: Oil prices surged on Thursday after Israel said it attacked Iranian nuclear sites in Natanz and Arak overnight and as investors grappled with fears of a broader conflict in the Middle East that could disrupt crude supplies. Brent crude futures rose 88 cents, or 1.15%, to $77.58 a barrel by 0708 GMT, after gaining 0.3% in the previous session when high volatility saw prices fall as much as 2.7%. US West Texas Intermediate crude for July rose $1.11, or 1.48% to $76.25 a barrel, after settling up 0.4% in the previous when it dropped as much as 2.4%. The July contract expires on Friday and the more active August contract rose 92 cents, or 1.25%, to $74.42 a barrel. There is still a 'healthy risk premium baked into the price as traders await to see whether the next stage of the Israel-Iran conflict is a US strike or peace talks', Tony Sycamore, market analyst at IG, said in a client note. Goldman Sachs on Wednesday said a geopolitical risk premium of about $10 a barrel is justified given lower Iranian supply and risk of wider disruption that could push Brent crude above $90. Trump on Wednesday told reporters that he may or may not decide whether the US will join Israel in its attacks on Iran. The conflict stretched into its seventh day on Thursday. As a result of the unpredictability that has long characterised Trump's foreign policy, 'markets remain jittery, awaiting firmer signals that could influence global oil supply and regional stability,' said Priyanka Sachdeva, senior market analyst at Phillip Nova. The risk of major energy disruptions will rise if Iran feels existentially threatened, and the US entry into the conflict could trigger direct attacks on tankers and energy infrastructure, said RBC Capital's analyst Helima Croft. Oil falls as Iran-Israel conflict enters sixth day Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries, extracting about 3.3 million barrels per day (bpd) of crude oil. About 19 million bpd of oil and oil products move through the Strait of Hormuz along Iran's southern coast and there is widespread concern the fighting could disrupt trade flows. Separately, the US Federal Reserve kept its interest rates steady on Wednesday but pencilled in two cuts by the end of the year. Chair Jerome Powell said cuts would be 'data-dependent' and that it expects accelerated consumer inflation from Trump's planned import tariffs. Lower interest rates would stimulate the economy, and as a result demand for oil, but that could exacerbate inflation.


Business Recorder
6 hours ago
- Business Recorder
Kenyan shilling steady as remittance inflows provide support
NAIROBI: The Kenyan shilling was steady against the dollar on Thursday compared with the previous session, supported by some remittance hard currency inflows, traders said. Kenyan shilling flat versus dollar, LSEG data shows At 0726 GMT commercial banks quoted the shilling at 129.20/129.50, stable from Wednesday's close.