Financial markets are witnessing continuous turmoil against the backdrop of the Iranian attack on Israel, and the possibility of the latter’s response, amid expectations of a rise in oil prices in the trading session tomorrow, Monday.

The evolution of prices depends on the shape of the response taken by Israel and Western powers, as concerns have contributed to pushing oil prices to their highest levels since last October.

The price of benchmark Brent crude closed on Friday at $92.18 a barrel, and West Texas Intermediate crude futures closed at $85.66 a barrel, recording a rise of 64 cents.

Tamas Varga, an analyst at oil brokerage BVM, confirmed the possibility of a rise in oil prices when trading resumes, noting that the hikes will be temporary unless oil supplies from the region are permanently affected.
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A report by the “African Export-Import Bank” (Afreximbank) revealed a 7.2% growth in intra-African trade during 2023, reaching $192 billion.

Despite this growth, the report showed large disparities between regional regions, as Southern Africa was the main driver of trade with a rate of 41.4%, followed by West Africa with a rate of 25.7%, then East Africa with a rate of 14.1%, North Africa with a rate of 12.4%, and finally Central Africa with a rate 6.6%.

The report indicated that regional trade constituted 15% of the continent’s total trade in 2023, compared to 13.6% in 2022. However, the continent witnessed a decline in total regional and external trade exchange by 6.3%, reaching about 1,300 billion dollars.
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