Oil Prices Spike Amid U.S. Sanctions on Russian Exports

Akintunde Oyedokun

Research Analyst

Oil prices hit a four-month high on Monday, with Brent closing at $81.01 and WTI at $78.82, as U.S. sanctions on Russian oil exports disrupt supply chains. The sanctions, affecting vessels carrying 1.7 million barrels per day, have prompted India and China to seek alternative sources.

Futures trading surged, with volumes reaching multi-year highs, while analysts highlight fears of supply disruptions. Dozens of tankers linked to Russian and Iranian oil remain anchored as global markets adjust to the new sanctions regime.

London Finance Jobs Decline to Lowest Level Since 2020

Financial sector job vacancies in London fell nearly 20% in Q4 2024 compared to the previous quarter, reaching a four-year low, according to Morgan McKinley’s Employment Monitor.

Vacancies were down 12% year-on-year and 28% for 2024 overall, as economic uncertainty, geopolitical tensions, and a declining stock market reputation weighed on the industry. Business optimism also dropped sharply, with rising costs and tax policies adding to the pressure.

China’s Exports Rise in December Amid Trade Uncertainty

China’s exports grew 10.7% year-on-year in December, surpassing expectations, as factories rushed shipments ahead of potential U.S. trade tensions under Donald Trump’s presidency. The trade surplus expanded to $104.8 billion, with imports also showing recovery.

However, challenges loom with U.S. tariff threats and EU disputes over Chinese electric vehicles. Analysts cite year-end stockpiling and pre-Chinese New Year activity as key drivers of the surge. Policymakers aim for “around 5%” growth in 2025 despite lingering economic pressures.

Egypt Turns To Solar Power As Gas Costs Soar

Egypt, blessed with abundant sunshine and vast deserts, is shifting towards solar energy after rising natural gas import costs and declining domestic production led to power shortages. The government has responded with an emergency energy package, while solar companies like AMEA Power are stepping in.

AMEA recently completed a $500 million solar project in Aswan and plans a larger 1,000-megawatt plant. Solar power, costing 2-3 cents per kilowatt hour, offers a cheaper alternative to gas, though regulatory and subsidy challenges persist.

Nigeria Launches Trade Desk To Boost Tech Exports, Startup Funding

The Federal Government has launched the Technology Export and Digital Trade Desk to increase investment in Nigeria’s tech sector and raise annual startup funding to $5 billion. Announced by Minister Dr. Bosun Tijani, the initiative aims to expand the ICT sector’s contribution to GDP from 14–18% to 21% in three years. The Desk will provide tailored support for local tech firms, improving Nigeria’s global competitiveness and positioning in the Economic Complexity Index. Despite a decline in startup funding compared to Kenya, major deals like Moove’s $110 million and Moniepoint’s $110 million bring hope for growth in 2024.