RFA Breakfast Paper - September 14, 2026
Brent Crude Rises Above $107 as Supply Risks Intensify
Brent crude climbed above $107 per barrel on Tuesday as investors continued to price heightened risks to global energy supply amid persistent disruptions around the Strait of Hormuz. Saudi Arabia’s East-West pipeline, a key alternative route for oil exports, remains shut following drone attacks, with no clear timeline for a resumption of operations, while a planned diplomatic meeting between Iran and Gulf Arab states was abruptly postponed. Supply concerns intensified after Iran reported that a supertanker attempting to enter a restricted area in the Strait of Hormuz exploded after striking mines, while Tehran maintained that it would not negotiate with the US until its demands are met. Meanwhile, uncertainty over the Russia-Ukraine conflict added to market volatility, after Ukraine signalled a willingness to halt attacks on Russian energy infrastructure if Moscow does the same, contradicting claims that both sides had already agreed to suspend such strikes. The combination of disrupted supply routes and limited diplomatic progress keeps the near-term outlook for crude prices firmly elevated.
AI Selloff and Oil Drag Stocks Lower
Wall Street fell on Monday, the S&P 500 losing 0.48% to 7,619.98 and the Nasdaq Composite shedding 0.56% to 26,186.41, as a sharp selloff in artificial-intelligence and semiconductor shares set the tone. Nvidia dropped 3.4%, Broadcom 4.8% and Micron 5.2% after prominent AI executives urged a slower pace of development. Crude above $105 and a 10-year Treasury yield that touched 5% intraday before settling at 4.96% added to caution ahead of the Fed's expected quarter-point hike this week.
NGX Edges Up as Banking Stocks Rally
The Nigerian Exchange edged higher on Monday, the All-Share Index rising 0.10% to 243,299.23 and the NGX 30 adding 0.09% to 8,949.19, lifting market capitalisation about ₦159.82 billion to ₦157.75 trillion. The advance was narrow, with breadth negative at 20 gainers to 28 losers and the benchmark leaning on heavyweight financials. The NGX Banking Index rose 0.68% to 2,546.04 in a second straight gain, led by Fidelity (+5.26%), FirstHoldco (+3.68%) and Zenith (+0.48%), though Wema, Access and UBA fell. Learn Africa and John Holt paced the fallers, pointing to selective bargain-hunting rather than broad conviction.
