Oil prices spiked on Monday over Middle East supply fears after Saudi Arabia closed a key pipeline, adding fresh inflationary pressure ahead of an expected US Federal Reserve rate hike this week.
CDA News Nigeria gathered that both main crude benchmarks, already above $100 a barrel, jumped more than three percent after Riyadh shut its East-West pipeline following drone attacks by Yemen’s Houthi rebels, while a merchant vessel was struck in the Strait of Hormuz. West Texas Intermediate rose 2.7 percent to $102.73 per barrel, while Brent Crude gained 2.9 percent to $107.66.
US diesel prices topped $6 a gallon for the first time on Friday, while Oman postponed Iran-Gulf talks over the strategic waterway’s future, deepening supply concerns since the US-Israel war on Iran began in February.
Compounding market jitters, global tech stocks slid after Anthropic CEO Dario Amodei called for AI companies to “pace the frontier” and coordinate a development slowdown over fears of uncontrollable AI risks, a call publicly backed by OpenAI’s Sam Altman and xAI’s Elon Musk. Tokyo-listed SoftBank plunged over 10 percent, with Kioxia, Samsung, SK hynix and TSMC also posting sharp losses, while Seoul’s Kospi led broader market declines.
Analysts noted markets now price a 92 percent probability of a Fed rate hike this week, with high oil prices and elevated bond yields further pressuring tech valuations.
CDA News Nigeria will continue monitoring global market developments.
Source verification: Adapted from AFP reporting via Punch Newspapers. CDA News Nigeria adheres to strict editorial standards.
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