By Akintunde Oyedokun
Research Analyst
Crude prices surged Friday as the U.S. warned it may block Iran’s oil exports to pressure its nuclear program. Brent rose to $64.76 and WTI to $61.50, both up $1.43.
Tensions escalated further as China hiked tariffs on U.S. goods to 125% after Trump raised his to 145%. The trade war is fueling fears of weaker global growth and falling oil demand.
The U.S. has already lowered economic and demand forecasts, with analysts warning developing nations could face severe impacts if global growth dips below 3%.
Germany’s Inflation Slows to 2.3% in March, Easing Pressure On Households
Germany’s inflation rate dropped to 2.3% in March, the federal statistics office confirmed on Friday, matching preliminary estimates. This marks a slight decline from the 2.6% recorded in February, based on the EU-harmonised index of consumer prices.
The easing reflects a gradual slowdown in price growth, offering some relief to households after months of elevated costs. As inflation nears the European Central Bank’s 2% target, attention may shift to potential changes in monetary policy.
China’s Economic Growth Slows, U.S. Tariffs Add Pressure For More Stimulus
China’s economy is expected to slow in the first quarter, with 2025 growth forecasted at 4.5%, down from 5% last year, according to a Reuters poll. The economic outlook is worsened by rising U.S. tariffs, now at 145%, adding strain to China’s recovery. Analysts predict more domestic stimulus measures, including a potential 1.5 trillion yuan boost, to combat sluggish consumer demand, high unemployment, and deflationary pressures. The trade war and economic challenges pose risks to stability and growth.
Ivory Coast Warns of Cocoa Price Hike Over U.S. Tariff Plans
Ivory Coast may raise cocoa-related costs if the U.S. enforces a proposed 21% tariff, its agriculture minister warned. Though President Trump has delayed the move for 90 days, Minister Kobenan Kouassi Adjoumani urged a full reversal, noting any added taxes would ultimately affect U.S. consumers. While global markets set cocoa prices, Ivory Coast could raise export taxes to offset losses. The country, which ships up to 300,000 metric tons of cocoa to the U.S. yearly, is also seeking closer EU trade ties in case of disrupted access to the American market.
Oando Reports Multiple Sabotage Attacks On Bayelsa Pipelines
Oando Plc reported three sabotage attacks on its pipelines in Bayelsa State over the past week. The incidents affected the 18-inch Tepidaba-Brass crude oil pipeline and the 24-inch Ogboinbiri/Obiobi gas link. Oando, which now owns Nigerian Agip Oil Co, has launched emergency responses and deployed repair teams. A joint investigation with authorities is underway, after which full repairs will begin. Pipeline sabotage and oil theft have driven many international oil companies to exit Nigeria’s onshore and shallow-water fields.
