Akintunde Oyedokun
Research Analyst
Oil prices held firm on Thursday as tensions between Iran and the United States and disruptions in the Strait of Hormuz continued to support the market.
Brent crude rose slightly to $102.21, while U.S. crude climbed to $93.44, after both benchmarks gained over $3 in the previous session.
With peace talks stalled and shipping in the key oil route still restricted, concerns over supply remain high. Meanwhile, U.S. oil exports hit a record 12.88 million barrels per day as global buyers sought alternative supplies.
France Private Sector Contracts At Fastest Pace In 14 Months As Services Weigh On Growth
France’s private sector contracted in April at its fastest pace in 14 months, dragged by weak services despite gains in manufacturing, S&P Global data showed.
Services PMI fell to 46.5 from 48.8, while manufacturing rose to 52.8 from 50.0, with factory orders growing for the first time in nearly four years.
The composite PMI dropped to 47.6 from 48.8 as rising costs and supply disruptions linked to the Iran conflict pushed up prices and weighed on business activity.
India Private Sector Growth Rises In April Despite Cost Pressures
India’s private sector expanded faster in April as manufacturing and services rebounded, lifting the HSBC Composite PMI to 58.3 from 57.0.
Manufacturing led the growth, while services improved modestly. New orders stayed strong, though exports were mixed due to Middle East tensions.
Inflation eased slightly but remained elevated, with firms still raising prices. LPG supply pressures from Strait of Hormuz disruptions also remain a concern.
Zambia’s Luanshya Copper Mine Set For August Restart After Decades Of Inactivity
Zambia’s Luanshya Copper Mine, 80% owned by China Nonferrous Mining Corporation and 20% by ZCCM Investments Holdings, will resume production in August after over two decades shut.
Around 87.9 million cubic metres of floodwater have been removed to enable redevelopment. Output will begin at the upper mine in 2026, with the lower section due by 2029.
The project is valued at $710 million, with over $75 million already invested, and is expected to deliver 100,000 metric tons of copper annually by 2030.
Tinubu Seeks Nigeria’s Senate Approval Of $516m Loan For Major National Highway Project
President Bola Tinubu has requested approval for a $516 million loan to fund the first phase of a major highway linking Nigeria’s northwest to the southwest.
The Deutsche Bank–arranged facility is part of the government’s borrowing plan and carries a nine-year tenor with up to three years’ grace.
The 1,000km road will run from Sokoto to Badagry in Lagos, aimed at improving transport, trade, and national integration.
This follows a $747 million loan secured last year for a separate coastal highway project.
