Smoke billows after an Israeli strike on Beirut's southern suburbs, following an escalation between Hezbollah and Israel amid the U.S.-Israeli conflict with Iran, Lebanon, March 2, 2026. REUTERS/Mohamed Azakir TPX IMAGES OF THE DAY
Akintunde Oyedokun
Research Analyst
Oil prices rose on Wednesday as supply fears linked to the U.S.–Israel conflict with Iran overshadowed plans by the International Energy Agency to release emergency reserves.
Brent crude gained 3.8% to $91.11 per barrel, while West Texas Intermediate climbed 3.8% to $86.58.
The IEA is considering releasing 400 million barrels from strategic reserves, but analysts warn the move may offer only limited relief if regional supply disruptions persist.
U.S. Inflation Rises Slightly in February as Fuel and Food Prices Increase
U.S. consumer prices rose slightly in February, with the Consumer Price Index increasing 0.3% after a 0.2% rise in January. The uptick was driven mainly by higher gasoline and food prices, while rent growth slowed and underlying inflation remained moderate. On an annual basis, inflation held steady at 2.4%. Economists expect inflation to accelerate in March due to rising energy costs linked to escalating tensions in the Middle East, which may prompt the Federal Reserve to keep interest rates unchanged in the near term.
France Inflation To Stay Low Amid Iran Tensions
France’s inflation is expected to remain low despite the Iran crisis, Bank of France Governor Francois Villeroy de Galhau said. “Slightly higher prices and modestly lower growth, but not stagflation,” he noted.
Consumer prices remain below the ECB’s 2% target, and the full-year inflation forecast of 1.3% could rise slightly.
Interest rates don’t need immediate hikes, and economic growth is expected to continue steadily.
Zambia Seeks Investors To Boost Copper Production
Zambia aims to raise copper output to 3 million tons by 2031, courting investors including the U.S., Mines Minister Paul Kabuswe said. Last year, production fell short at 890,346 tons.
Kabuswe emphasized fair, win-win deals. The country also has cobalt, nickel, lithium, and rare-earth metals, with major miners including JCHX Mining, Barrick Gold, First Quantum Minerals, Vedanta Resources, and U.S.-backed KoBold Metals.
Nigeria’s Food Import Bill Hits N7.65trn in 2025
Nigeria spent N7.65 trillion on food and beverage imports in 2025, according to the National Bureau of Statistics (NBS), reflecting rising reliance on foreign food supplies.
Primary food imports stood at N3.49 trillion, while processed products totaled N4.17 trillion, with a large portion used in industrial food production.
The growing import bill has raised concerns about Nigeria’s food security, as the Food and Agriculture Organization (FAO) warns that 34.7 million Nigerians may face severe food insecurity in the next lean season.
