Rather, it is geopolitical factors—specifically, escalating tensions in the Middle East—that are unsettling markets and pushing prices higher.

Oil prices correct lower but remain buoyed by geopolitical risks. Fears of supply disruptions boosted prices 12% above late May's levels. Mixed data from China and ongoing concerns about global trade are weighing on prices on Monday.

There are palpable fears that the escalating tension in the Middle East could drive up energy costs in Nigeria as crude oil prices continue to surge.

European stock markets started the trading week on a cautiously optimistic note Monday, with major indices posting modest gains in early dealings.

Richard Yetsenga, Group Chief Economist at ANZ Research, shared his insights on oil, trade, and the geopolitical forces shaping global markets.

Oil prices edged lower in early Asian trading on Thursday, easing after a sharp rally fueled by escalating tensions between the U.S. and Iran. Brent crude futures dipped 0.4% to $69.47 a barrel, while West

Oil prices jumped over 9% after Israel attacked Iran’s nuclear sites, raising tensions. Iran may retaliate, risking wider conflict. Despite supply risks, markets are well-stocked. India’s inflation and economy remain stable for now,