Akintunde Oyedokun
Research Analyst
Oil spiked above $126 per barrel as fears of escalating U.S.–Iran tensions hit supply outlook, before easing later.
Brent has more than doubled since February, while WTI is up about 90%, driven by concerns over the Strait of Hormuz.
Brent hit $126.41 before slipping to around $113.89, while WTI eased to about $104.60.
Reduced shipping through the Strait has deepened supply worries, with analysts warning prices may stay elevated if tensions persist.
BoE Holds Rates at 3.75% as Iran War Clouds Outlook, Signals Possible Tightening
The Bank of England kept rates at 3.75% in an 8–1 vote, with one call for 4%. Markets cut hike bets to 0.61% from 0.76%.
Oil at $127 could push inflation to 6.2% by 2027, while easing to $80 would reduce pressure. Bailey expects a peak just above 3.5% in 2026, maintaining an “active hold.”
Policymakers remain split between early tightening and waiting for clearer inflation signals.
Canada’s Economy Edges Up 0.2% in February as Manufacturing Leads Growth
Canada’s economy expanded by 0.2% in February, matching forecasts and marking a fourth straight month of growth after a 0.1% rise in January.
The modest pickup was driven by strong performance in goods-producing sectors, particularly manufacturing, alongside rebounds in wholesale trade, transportation, warehousing, and gains in mining and oil and gas extraction.
Manufacturing stood out with a 1.8% jump—its strongest monthly growth since January 2023—despite ongoing pressure from U.S. tariffs on key industries like steel, autos, and lumber.
Gabon Gets $150m World Bank Boost, Begins Debt Audit
Gabon has secured a $150 million programme from the World Bank, bringing total support to $600 million, and will launch an audit of its public debt.
The review, backed by the International Monetary Fund, will examine borrowings from 2016–2023 over concerns about uncompleted projects, missing funds, and rule breaches. The audit will last up to three months as the country seeks to stabilise its finances and access fresh funding.
Nigeria’s State Oil Giant Completes OB3 River Niger Crossing, Adds 2bcf/d Capacity
The Nigerian National Petroleum Company Limited has completed the River Niger crossing on the OB3 Gas Pipeline, unlocking an additional 2 billion standard cubic feet per day in capacity.
The company said the milestone improves gas supply reliability, boosts power generation, and supports industrial growth.
Group CEO Bashir Bayo Ojulari described it as a key achievement that strengthens Nigeria’s energy infrastructure and gas distribution network.
