Akintunde Oyedokun
Research Analyst
Oil prices were volatile on Friday but finished the week higher.
Brent closed at $105.33, while WTI settled at $94.40, supported by supply risks and possible U.S.-Iran talks involving Abbas Araqchi and Donald Trump.
Weekly gains remained strong, with Brent up about 16% and WTI nearly 13%.
Ongoing disruptions in the Strait of Hormuz continue to keep the market on edge.
Germany’s Business Confidence Slides, Iran Conflict Threatens Recovery
German business morale weakened in April as the Ifo Institute index fell to 84.4 from 86.3, below the 85.5 forecast and its lowest since May 2020.
Current conditions slipped to 85.4 (86.7), while expectations dropped to 83.3 (85.9), with PMI data also showing a return to contraction. Economists warn growth could fall by 0.4 percentage points if oil disruptions persist, despite a €500bn support plan.
France Consumer Confidence Slumps As War-Driven Inflation Fears Deepen
French consumer confidence fell to 84 in April from 89 in March, below the expected 88 and its steepest drop since 2022, according to INSEE.
Unemployment concerns rose by 7 points, while the share of consumers reporting sharp price increases surged 30 points — the biggest jump in over 40 years, highlighting mounting inflation pressures.
The decline also reflects worsening household financial outlooks and broader economic uncertainty.
Egypt Growth Outlook Cut As Iran War Fuels Inflation Risks
Egypt’s growth forecast has been trimmed to 4.6% this year and next due to rising inflation from higher energy prices linked to the Iran conflict. Growth was 2.4% in 2023/24 before rebounding after currency devaluation and IMF-backed reforms.
Inflation rose to 15.2% in March from 13.4% in February, according to CAPMAS, and is expected to remain elevated, slowing the pace of interest rate cuts.
Nigeria Boosts Civil Servants’ Pay, Expands Allowances, Welfare Package
The Federal Government has approved higher allowances and welfare benefits for civil servants to boost take-home pay.
The changes, announced in Abuja, cover CONPSS and CONRAISS workers, with revised duty tour, estacode, and book allowances.
A 100% Duty Tour Allowance now applies to approved training, alongside new retirement benefits and injury compensation. This follows earlier salary increases and gratuity approval, with some states also adding transport support.
