Akintunde Oyedokun
Research Analyst
Oil prices eased from earlier highs on Monday amid mixed reports on U.S. naval activity in the Gulf. Brent rose 1.9% to $110.22 after hitting $114.30, while WTI gained 0.5% to $102.41, down from $107.46.
Initial gains were driven by Iranian claims of an attack on a U.S. warship, which Washington denied. Prices remain supported by ongoing disruptions in the Strait of Hormuz, a key oil route.
Italy Manufacturing Costs Surge to Near 4-Year High Amid Middle East Tensions
Italy’s manufacturing cost pressures hit a near four-year high in April due to Middle East tensions.
Input cost inflation rose to 75.4 from 69.0, its highest since May 2022. The PMI improved slightly to 52.1 from 51.3, staying in expansion territory.
However, supply delays and rising costs continued to squeeze margins, while inflation climbed to 2.9% on higher energy prices.
Growth forecasts were also cut to 0.6% for 2026 and 2027.
France Factory Sector Hits 2-Year High As Inflation Fears Drive Early Buying
French factory activity rose in April as output and new orders increased, with firms seeing a surge in early buying amid inflation fears linked to Iran tensions, S&P Global said.
The PMI rose to 52.8 from 50.0, its strongest since May 2022, with new orders returning to growth and production expanding at a faster pace.
Cost pressures also climbed, with input inflation at a two-year high and selling prices rising at their fastest in over three years.
South Africa Manufacturing Returns To Growth in April
South Africa’s manufacturing sector returned to growth in April, with the PMI rising to 52.6 from 49.0 in March, its first expansion since September 2025.
Output and new orders improved, with business activity at 52.8 and new sales orders at 52.9. However, Absa warned the rebound may be driven by early demand ahead of price increases.
Input costs rose due to a weaker rand and higher oil prices, while business confidence remained cautious despite a slight improvement.
Nigeria’s NNPC Reports ₦276bn Profit In March On Higher Gas Output
NNPC Limited posted a ₦276 billion profit after tax in March 2026, supported by increased gas production.
Gas output rose to 7,731 mmscf/d from 7,458 mmscf/d in February, while crude production also improved slightly to 1.56 million barrels per day. Revenue stood at ₦2.774 trillion, with ₦2.888 trillion remitted to the government in Q1.
Crude sales fell during the month, despite stronger production, while gas sales increased. The company cited improved output from completed maintenance at the Bonga field, though pipeline disruptions weighed on overall performance.
