Oil Prices Plunge Amid Central Banks' Rate Decisions

Oil prices have significantly decreased due to a landmark interim peace agreement in the Middle East, which has allowed crude oil tankers to safely exit the Strait of Hormuz. Brent crude fell by 13.53% to $80.43 per barrel, and West Texas Intermediate dropped 15.17% to $76.41 per barrel.

Despite this, central banks are maintaining high interest rates to combat persistent inflation. The U.S.

Federal Open Market Committee, led by newly appointed Chair Kevin Warsh, voted unanimously to keep the benchmark interest rate within the target corridor of 3.50% to 3.75%. The U.K.'s Bank of England also maintained its rate at 3.75%, despite inflation hovering at a 13-month low of 2.80%.

In Nigeria, inflation has risen for the third consecutive month, reaching 15.93% year-on-year, driven by agricultural bottlenecks and increased transport costs. The Nigerian Exchange share index fell by 3.59% as a result.