Akintunde Oyedokun
Research Analyst
Oil prices edged higher Tuesday as Iranian attacks on the UAE raised supply concerns. Brent rose to $101.06 per barrel, WTI to $94.07.
Disruptions at the Strait of Hormuz and Fujairah have tightened supply, pushing Middle East crude to record highs. The IEA may release additional reserves to help ease rising prices.
The U.S.-Israeli conflict with Iran shows no signs of slowing, keeping the market alert for further supply disruptions. If tensions persist, WTI could move toward $124 per barrel.
Australia Hikes Rates Again as Inflation Risks Rise Amid Global Tensions
Australia’s central bank raised its benchmark rate by 25bps to 4.1% for a second month, citing inflation pressures from strong demand and rising oil prices. The decision was tight (5–4), with more tightening still on the table.
Inflation stands at 3.8% (core: 3.4%), unemployment at 4.1%, and growth at 2.6%. Markets price a 40% chance of another hike in May, with rates seen at 4.35% by August.
Japan Signals Gradual Inflation Rise as BOJ Holds Steady on Rates
Bank of Japan Governor Kazuo Ueda said underlying inflation is gradually moving toward the 2% target, supported by moderate wage growth, with convergence expected between the second half of fiscal 2026 and 2027.
The BOJ is expected to keep interest rates unchanged at 0.75%, despite market pricing of about a 70% chance of a hike in April, as rising oil prices, a weakening yen near 160 per dollar, and Japan’s heavy reliance on the Middle East for about 95% of its oil continue to complicate policy decisions.
Ghana Faces Inflation Risk as Policy Decision Nears
Ghana faces renewed inflation risks ahead of its March 18 rate decision, as rising oil prices linked to Middle East tensions threaten recent progress.
The Bank of Ghana, which has cut rates to 15.50% amid slowing inflation, may need to balance external pressures with gains from strong gold exports, which nearly doubled to $20 billion in 2025.
Governor Johnson Asiama signaled policymakers will weigh both inflation risks and economic gains in their decision.
Nigerian Oil Regulator Shortlists Bidders for 2025 Oil & Gas Licensing Round
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has completed the pre-qualification stage of its 2025 oil and gas licensing round as of March 16, 2026. Pre-qualified bidders can now access geological and geophysical data from two approved sources for technical and commercial submissions, with proof of payment required. The round offers 50 blocks across five sedimentary basins: 15 onshore, 19 shallow-water, 15 frontier, and 1 deepwater block. Signature bonuses have been cut to $3–$7 million, down from $10 million in 2024 and roughly $200 million in earlier rounds. Launched in December 2025 with a digital portal, the initiative aims to boost investment, transparency, and exploration in Nigeria’s upstream sector.
