Akintunde Oyedokun
Research Analyst
Oil prices closed mixed on Thursday as markets reacted to uncertain developments surrounding a possible U.S.-Iran ceasefire extension.
Brent crude fell 0.6% to $93.71 per barrel, while U.S. crude gained 0.3% to settle at $88.90. Investors also monitored lower U.S. crude inventories, which dropped by 3.3 million barrels last week.
Italy Consumer Confidence Rises as Business Sentiment Weakens
Italian consumer confidence improved in May, with ISTAT’s index rising to 93.4 from 90.8 in April.
Meanwhile, business sentiment fell to 94.1 from 95.1, marking its lowest level since September 2025, while manufacturing confidence remained unchanged at 87.9.
The data comes after Italy cut its economic growth forecast for 2026 and 2027 to 0.6% due to rising energy costs and Middle East tensions.
U.S. Jobless Claims Rise Slightly as Labor Market Stays Stable
U.S. jobless claims increased by 5,000 to 215,000 last week, while continuing claims rose to 1.786 million, signaling a still-stable labor market despite economic uncertainty linked to the Iran conflict and rising inflation pressures.
The unemployment rate is expected to remain at 4.3% in May, as labor market sentiment stayed mixed.
Claims have largely remained within the 190,000 to 230,000 range throughout the year.
South Africa Raises Interest Rate To 7% After 3 Years
South Africa’s central bank has increased its key rate by 25 basis points to 7%, the first hike in three years, as inflation pressures rise amid global uncertainty.
The move followed a divided vote after inflation hit the upper end of the target range. Officials considered a bigger hike but opted for a smaller step.
The bank also raised inflation forecasts, cut growth outlooks, and warned that persistent risks could lead to further tightening.
Nigeria’s Oil Revenue Falls 61.8% Below 2025Q3 Target
Nigeria’s oil revenue hit N4.87 trillion in Q3 2025, missing the N12.76 trillion target by 61.8%.
Despite slight growth, weak crude output and underperforming taxes and royalties dragged earnings below projections. Production averaged 1.66 mbpd, against a 2.1 mbpd budget benchmark.
The shortfall continues to strain government finances and deepen reliance on borrowing.
