RFA Breakfast Paper - April 13, 2026

Brent Pulls Back Toward $98 on Ceasefire Hopes

Brent crude futures eased toward $98 per barrel, trimming prior gains as renewed diplomatic signals between the United States and Iran raised prospects for an extended ceasefire. President Donald Trump said Tehran had initiated contact, while Iran’s President Masoud Pezeshkian indicated openness to continued talks within international frameworks. However, negotiations over the weekend failed to produce a deal, leading Washington to announce a blockade on Iranian oil shipments. On the supply side, OPEC+ reported a sharp 7.9 million barrels per day drop in output in March, largely due to the shutdown of the Strait of Hormuz, which continues to disrupt global flows. Markets are now focused on the International Energy Agency monthly report for clearer direction on the global supply-demand balance.

U.S. Stocks Rebound as Peace Talk Hopes Offset Strait of Hormuz Blockade

U.S. equities recovered from an early decline to close higher after signs of potential diplomatic engagement between the United States and Iran. Markets initially moved lower after Donald Trump announced a blockade of the Strait of Hormuz, a key global energy transit corridor. However, sentiment improved later in the session following reports that Iran had reached out to the U.S. administration to discuss a potential peace agreement. Equity market leadership came from smaller companies, with the Russell 2000 rising 1.3% during the session. Among large-cap benchmarks, the tech-heavy Nasdaq Composite led gains, advancing more than 1%. In fixed income markets, government bonds recovered from a weak start and finished the day stronger. The yield on the 10-year U.S. Treasury note declined by three basis points to close lower, reflecting renewed demand for safe-haven assets as investors continued to monitor geopolitical developments.

NGX Opens Week Higher on Renewed Buying Interest

The Nigerian equity market began the new week on a positive note, as the NGX All-Share Index (NGX-ASI) and Market Capitalization both advanced by 0.34%. The uptick reflected sustained positive sentiment, supported by bargain hunting and renewed buying interest in medium and large-cap stocks including ZENITHBANK, GUINNESS, and NGXGROUP across major market sectors. Consequently, the benchmark index gained 688.44 basis points to close at 204,458.86, while Market Capitalization increased by ₦443.13 billion to settle at ₦131.61 trillion. Sectoral performance was broadly positive, with gains recorded in Consumer Goods (+1.93%), Insurance (+1.04%), and Banking (+0.11%). However, the Oil & Gas (-0.10%) and Industrial Goods (-0.02%) sectors closed slightly lower.