RFA Breakfast Paper - April 23, 2026
Oil Prices Surge as Middle East Tensions Choke Supply
Brent crude stayed above $105 per barrel on Thursday, heading for a sharp weekly gain of nearly 17% as geopolitical tensions continue to squeeze global supply. The lack of progress in US-Iran negotiations, alongside the ongoing closure of the Strait of Hormuz, has heightened concerns about disrupted oil flows. Fresh complications emerged after President Donald Trump’s posts on Truth Social and his decision to sustain a naval blockade on Iranian ports, dimming hopes for a near-term diplomatic breakthrough. In a particularly aggressive move, Trump disclosed that the US Navy had been instructed to “shoot and kill” any vessels laying mines in the strait. US forces also reportedly intercepted a supertanker transporting Iranian oil in the Indian Ocean. While a ceasefire between the US and Iran remains in place, it has been extended indefinitely as Washington awaits a formal proposal from Tehran. At the same time, the truce between Israel and Lebanon has been prolonged by another three weeks.
U.S. Markets Dip Marginally Amid Profit-Taking and Oil Concerns
Equity markets closed modestly lower on Thursday, retreating after the S&P 500 and Nasdaq Composite recorded new closing highs in the prior session. The tech-heavy Nasdaq underperformed the broader market, reflecting mild profit-taking following its recent strength. Despite the dip, the broader trend remains positive, with all major U.S. indexes still in the green for the year—S&P 500 up 4% and Nasdaq gaining about 5% year-to-date. Sector performance has been uneven, as energy, materials, and industrials continue to lead the market with gains exceeding 10%, while financials and healthcare lag behind, each down roughly 5% so far this year. Recent market behavior points to a shift in investor sentiment, as participants move away from worst-case scenarios and adopt a more balanced outlook. Overall, the market appears to be transitioning from a phase of rapid recovery to one of more measured reassessment, where investors weigh improving fundamentals against lingering macroeconomic and geopolitical risks, macroeconomic and geopolitical risks.
NGX Extends Bull Run as Strong Buying Drives Market Higher
The Nigerian equities market closed firmly in positive territory, stretching its rally to a thirteenth consecutive session as investors sustained strong buying momentum. Key performance indicators, including the NGX All-Share Index and Market Capitalization, both advanced by 1.48%, reflecting renewed confidence across major sectors. The surge came largely from intensified demand in consumer goods and banking stocks, which climbed by 4.67% and 1.53%respectively. By the end of the session, the All-Share Index had gained 3,251.48 basis points to settle at 222,837.68, while market capitalization rose by ₦2.09 trillion to close at ₦143.48 trillion. Despite a slight dip in trading volume by 2.30%, the total value of trades increased by 5.41%, with investors exchanging 667.94 million shares worth ₦38.12 billion across 53,062 deals. he session’s performance highlights a market driven more by value accumulation than sheer volume, suggesting that investors are becoming increasingly selective while maintaining a bullish stance.
