Crude Oil Prices Surge 8% After Trump-Iran Ceasefire

Crude oil prices jumped 8% after U.S. President Donald Trump announced a memorandum of understanding with Iran to end the Gulf conflict.

Brent crude futures reached $80.05 per barrel, while U.S. West Texas Intermediate (WTI) crude climbed to $75.72 per barrel.

Trump's declaration followed U.S. airstrikes in response to Iranian attacks on commercial vessels in the Strait of Hormuz. The ceasefire aims to prevent further escalation, as Iran exports 90% of its crude via Kharg Island.

In related news, the Dangote Group plans to finance a $17 billion oil refinery in Kenya, which is expected to produce 700,000 barrels per day. This project, the largest refinery in East Africa, aims to reduce the region's dependence on fuel imports and is set to take three years to build.

The International Monetary Fund maintained Nigeria's economic growth forecast at 4.1% for 2026, despite global uncertainties.