Akintunde Oyedokun
Research Analyst
Oil prices climbed more than 3% on Thursday as the conflict between the United States and Iran raised fears of global supply disruptions. Brent crude settled around $84.04 per barrel, while WTI rose to $78.01.
The rally was supported by tanker attacks in the Persian Gulf, refinery shutdowns, and tighter fuel exports, with about 300 vessels reported stranded in the Strait of Hormuz. Gas prices also increased following warnings of possible supply cuts to Europe.
US Jobless Claims Hold Steady as Labor Market Remains Stable
U.S. jobless claims remained steady at 213,000 last week as layoffs dropped sharply in February, indicating a stable labor market. Data from the United States Department of Labor showed employment conditions were largely unchanged despite slower productivity growth and inflation risks linked to geopolitical tensions. The Federal Reserve is expected to maintain interest rates until at least June. February job cuts fell significantly, while hiring plans improved but stayed below last year’s level, reflecting cautious labor market recovery.
UK Construction Activity Shrinks for 14th Straight Month Despite Rising Optimism
Construction activity in the United Kingdom contracted for the 14th straight month in February. The PMI from S&P Global Market Intelligence fell to 44.5, well below the 50-point growth threshold.
The downturn was driven by weak housebuilding, poor order books, heavy rain disruptions, and rising costs, though business confidence hit a 14-month high. The weakness contrasts with the relatively stronger performance in the services sector.
Malawi Cuts Interest Rate by 200bps as Inflation Eases
The Reserve Bank of Malawi on Thursday cut its key interest rate by 200 basis points to 24%, citing easing inflation. The move was the first rate adjustment since February 2024 and came during the first policy meeting under new governor George Partridge.
Inflation has slowed for three straight months, reaching 24.9% in January, though it has remained above 20% since mid-2022. President Peter Mutharika is seeking to revive the economy while the country pursues a new support programme from the International Monetary Fund, as public debt exceeds 90% of GDP.
Nigeria Approves 100% Gratuity for Retiring Civil Servants
The Federal Executive Council (FEC) has approved a new exit benefit scheme granting retiring federal civil servants a gratuity equal to 100% of their annual emoluments, effective January 1, 2026.
The benefit will apply to workers in treasury-funded ministries, departments, and agencies who have served at least 10 years and will complement the existing Contributory Pension Scheme to improve retirement welfare.
The government says the move is aimed at strengthening financial security for civil servants after retirement
