Akintunde Oyedokun
Research Analyst
Oil prices rose over 3% on Tuesday as the Iran conflict kept the Strait of Hormuz under strain. Brent crude gained $3.37 to $111.60, while WTI rose $3.72 to $100.09, briefly topping $100.
Prices eased slightly after the UAE’s exit from OPEC+ added market uncertainty, but overall gains held due to ongoing supply risks.
Stalled U.S.–Iran talks and disruptions in the Strait, which handles about 20% of global oil flows, continue to support higher prices amid tight supply expectations.
Spain Jobless Rate Rises to 10.83% in Q1, Employment Hits Record High
Spain’s unemployment rate rose to 10.83% in Q1, driven by seasonal weakness in services, according to INE data. Jobless numbers increased by 231,500 to 2.7 million, missing forecasts of a decline to 9.8%.
Despite the rise, it was still the lowest first-quarter unemployment since 2008. Employment, however, reached a record 22.5 million, up 532,300 year-on-year.
BOJ Holds Rates, Signals Possible Hike Ahead
The Bank of Japan kept its rate at 0.75% but saw three board members vote for a hike, pointing to rising inflation concerns from Middle East tensions.
It lifted its inflation forecast and warned of further price risks, boosting expectations of a rate increase in the coming months. The yen rose as markets priced in a possible June move.
Governor Kazuo Ueda said the bank is waiting to assess economic impacts but is ready to tighten policy if inflation pressures spread further.
South Africa Extends Fuel Tax Relief Amid Oil Price Surge
South Africa has extended fuel tax cuts for two more months to cushion rising oil prices linked to the Iran conflict, before gradually phasing out the support.
Petrol will be cut by 3 rand per litre and diesel by 3.93 rand in May, dropping to 1.50 rand and 1.96 rand respectively in June.
The government says the 17.2 billion rand cost will be covered through other revenues, while the central bank warns fuel inflation could lead to higher interest rates this year.
Nigeria Moves To Ease Aviation Pressure With Jet Fuel Price Cap, 30-Day Credit For Airlines
The Federal Government has capped jet fuel prices and approved a 30-day credit window for airlines to ease rising operating costs.
Under the new NMDPRA guidelines, prices will range from N1,760 to N1,988 per litre in Lagos and N1,809 to N2,037 in Abuja. Marketers and airlines are also expected to agree on fair pricing to prevent disruptions.
The move follows a sharp rise in fuel costs, driven by both domestic pressures and global oil market tensions.
