Akintunde Oyedokun
Research Analyst
Oil prices surged on Friday as the expanding U.S.-Israeli conflict with Iran disrupted global supply. Brent crude rose $7.28 or 8.52% to $92.69 per barrel, while West Texas Intermediate (WTI) jumped $9.89 or 12.21% to $90.90.
For the week, WTI climbed 35.63% and Brent gained 27%, the biggest rally since 2020. The surge followed the halt of tanker movements through the Strait of Hormuz, a route that carries about 20% of global oil supply daily, keeping roughly 140 million barrels off the market.
U.S. Unemployment Rises to 4.4% as Job Losses Hit Economy
The U.S. economy lost 92,000 jobs in February, pushing the unemployment rate to 4.4% from 4.3% in January. The decline was partly driven by healthcare worker strikes and severe winter weather, which affected construction and hospitality jobs.
Despite weaker hiring across several sectors, average hourly earnings rose 0.4%, with annual wage growth at 3.8%. The Federal Reserve is expected to hold interest rates at 3.50%–3.75% in March, though rising unemployment has increased expectations of a possible rate cut in June.
UK House Prices Rise as Mortgage Rates Climb
UK house prices grew 1.3% in February, the fastest since October, with a 0.3% monthly increase, Halifax reported.
Mortgage rates are rising, with the average two-year fixed rate at 4.84%, as markets adjust expectations for Bank of England rate cuts amid geopolitical tensions and higher energy prices.
Limited housing supply and affordability pressures continue to support upward price momentum.
Tunisia to Quadruple Tunis-Carthage Airport Capacity in $1 Billion Expansion Plan
Tunisia plans a major expansion of Tunis-Carthage International Airport, aiming to increase annual passenger capacity from 5 million to 18.5 million by 2031. The $1 billion project, now part of the 2026 investment budget for the Civil Aviation and Airports Authority, replaces earlier plans to build a new airport, focusing instead on modernising existing infrastructure. Construction is expected to boost tourism and strengthen Tunisia’s position as a regional aviation hub.
Nigeria’s Power Grid Under Strain as Only Eight Plants Supply 1,212MW
Nigeria’s national grid is struggling, with only eight of 30+ power plants generating electricity, producing a total of 1,212MW—far below the country’s peak demand of 20,000MW. Hydropower stations, including Kainji, Zungeru, and Shiroro, provide most of the output, while gas-fired plants underperform due to gas shortages, maintenance, and financial issues. Several major plants reported zero generation. Experts warn prolonged low output could trigger widespread blackouts, highlighting structural weaknesses in the power sector despite significant investments. NNPC’s Gas Master Plan 2026 aims to boost gas supply to stabilise electricity generation.
