Akintunde Oyedokun
Research Analyst
Oil prices climbed Thursday as renewed U.S. strikes on Iran heightened supply concerns.
Brent rose 7.9% to $109.12, while WTI gained 12.5% to $112.60—its highest since early March. However, both remain below earlier peaks near $120.
The absence of ceasefire signals and growing fears over disruptions in key routes like the Strait of Hormuz continue to support prices, with potential economic impacts on Europe expected from April.
Canada’s Trade Deficit Widens Sharply As Gold Imports Hit Record High
Canada’s trade deficit expanded to C$5.74 billion in February, far above expectations, as gold imports drove total imports to a record C$72.1 billion.
Imports rose 8.4%, led by a sharp increase in gold, energy, and auto-related purchases. Exports grew 6.4% to C$66.31 billion, supported mainly by higher gold shipments.
The trade surplus with the U.S. narrowed, while exports to other countries hit a record high, signaling reduced reliance on the U.S. Analysts expect stronger exports ahead, supported by rising oil prices.
U.S. Jobless Claims Fall, But Middle East War Clouds Outlook
U.S. unemployment claims fell by 9,000 to 202,000 last week, signaling a steady but slow labour market.
However, rising oil prices from the Middle East conflict and a $3.2 trillion stock market loss in March could pressure spending and hiring. Economists expect weaker job growth ahead.
Meanwhile, the trade deficit widened to $57.3 billion in February as imports surged, posing a risk to economic growth.
Morocco Secures Fuel Supplies As Middle East War Drives Energy Costs Higher
Morocco has secured fuel stocks, with diesel and petrol lasting over 50 days and coal and gas supplies covered until June.
Rising oil prices from the Middle East conflict have increased costs, pushing fuel prices up by about 30%. To ease the impact, the government reintroduced subsidies for transport operators.
With no local refinery, Morocco relies fully on imports but says diversified sourcing has helped limit disruptions. Authorities warn higher oil prices could drive inflation, especially as current levels exceed budget assumptions.
Nigeria’s Money Supply Dips Slightly To N123.15tn in February, Still Strong Year-On-Year
Nigeria’s broad money supply (M3) slipped slightly to N123.15 trillion in February 2026 from N123.36 trillion in January, according to the CBN.
Despite the dip, liquidity remains above the N110.71 trillion recorded a year earlier, showing sustained growth. Net foreign assets declined while net domestic assets rose, pointing to a shift toward domestic-driven liquidity.
The movement comes amid tight monetary policy aimed at curbing inflation, which eased to 15.06% in February.
