Africa sees winners and losers as Iran war pushes up oil prices

Eric Wainaina, a motorcycle taxi driver in Nairobi, Kenya, was already bracing for a loss in income when the rainy season hit in March, but the war on Iran, which erupted on 28 February, has also taken its toll. Kenya is the latest in a series of African nations to experience the economic fallout caused by the United States and Israel’s assault on Iran, with rising energy prices leading to spiralling costs for businesses, small and large, across the continent. Recommended Stories list of 3 items end of list Wainaina works six days a week, usually starting at 6:30am, to help support a wife and three children. Before the war, he would drive up to 180km a day, but now, due to rising energy costs, he covers only 90km, resulting in his monthly income dropping by half. “We can’t work as much as we usually would because the price of petrol is so high,” he told Al Jazeera. Soaring energy prices have seen winners and losers on the African continent, with oil-rich nations enjoying huge windfalls, while resource-sparse nations are paying the price, resulting in mounting deficits and subsidy costs. The crisis could see Kenya, which falls in the latter category, seek a loan of up to $600m from the World Bank, according to Bloomberg, as it attempts to shield its economy from the shocks of the global energy crisis. …