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 climbed on Friday as uncertainty over U.S.-Iran talks and stronger summer fuel demand expectations supported the market.
Brent crude rose 1.54% to $104.16 per barrel, while WTI gained 1.21% to $97.52. Despite the gains, Brent remained down over 4% for the week, while WTI lost more than 7% amid ongoing concerns over Iran negotiations and the Strait of Hormuz.
UK Retail Sales Record Sharpest Drop In Nearly A Year
UK retail sales dropped 1.3% in April, the biggest monthly decline since May 2025, as weaker consumer confidence and lower fuel demand weighed on spending.
Fuel sales plunged over 10%, while clothing sales also weakened amid rising living costs and uncertainty linked to the Iran conflict. Annual retail sales remained flat, missing market expectations.
Spain to Match Migrants With Jobs Under Legalisation Plan
Spain is introducing a programme to match undocumented migrants with jobs under a plan to legalise nearly 500,000 workers.
The government said the move will help tackle labour shortages and support economic growth, despite criticism from far-right groups. Over 549,000 people applied within the first month.
Authorities will partner with key industries including construction, tourism and transport to connect migrants with formal employment.
Morocco Inflation Climbs to 1.7% as Fuel Costs Rise
Morocco’s inflation rate rose to 1.7% in April from 0.9% in March, driven by higher transport and fuel prices amid Middle East tensions.
Transport costs surged 8.4%, while food prices increased 0.6% and non-food items rose 2.5%.
To reduce the impact on consumers, the government plans to add 20 billion dirhams ($2.17 billion) to the 2026 budget to maintain subsidies on transport, cooking gas and electricity.
Nigeria’s Tin Can Port Customs Beats Revenue Target With N1.6tn Collection
The Tin Can Island Port Command of the Nigeria Customs Service generated N1.60 trillion in 2025, exceeding its N1.52 trillion target.
Former Area Controller Frank Onyeka said the command also recorded N401.01 billion in Q1 2026 and seized prohibited goods worth over N35 billion.
He attributed the strong performance to improved compliance, intelligence-led operations, and stronger stakeholder collaboration.
