Daily Brief: Brazil Gasoline Surges 44.9%, Kenya Plunges 18%

Brazil posted the day's most dramatic fuel price movement, with gasoline surging 44.9% to $1.052 per liter over the past week, according to Nexignis data. This spike follows reports from Reuters that Brazil unveiled fuel subsidies as Congress stalled a tax cut plan, and per MercoPress, experts argue that privatization of Petrobras weakened the country's ability to contain prices. A separate Reuters report noted Petrobras raised [news reports indicate] an oil shock.

In contrast, Kenya saw gasoline prices fall 18.0% to $1.593 per liter, even as the country faces deadly protests over fuel costs, as reported by DW.com and Fortune. Australia experienced a 17.9% rise to $1.541 per liter, with The Guardian reporting the government is prepared to assist in the Strait of Hormuz amid supply disruptions. Ukraine's gasoline climbed 18.5% to $1.290 per liter, with AP News noting Ukraine is hitting oil facilities inside Russia, potentially blunting the impact of soaring fuel prices.

Looking ahead, the IEA has highlighted [news reports indicate] [news reports indicate] East supply disruptions, per a new report. Australia faces a potential July surge if the Strait of Hormuz remains shut, according to SMH.com.au, while global crude prices jumped after an Iran attack, as reported by The New York Times, pointing to sustained economic risks.