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Brent hits five-month high at $80.51pb on wider Russian sanctions

One week before the Trump 2.0 era, Brent futures surpassed $80pb, a 5-month high, following expanded U.S. sanctions on Russian oil. With oil prices exceeding Nigeria’s 2025 budget benchmark of $75 per barrel, government revenues are set to rise, possibly reducing the N13.39trn deficit (7.01% of GDP). However, prolonged price increases may drive up PMS and crude costs, heightening inflationary pressures.

The price of gold surged to $2,670.24/toz

Gold prices rose 31.36% (yoy) to $2,670.24/toz in January 2025, fueled by central bank purchases and economic uncertainty. The demand for gold is also driven by growing investors’ interest to hedge against inflation and technological advancement in artificial intelligence. The Expectation of higher U.S. tariffs and escalating trade tension is likely to keep gold prices elevated in the near term.

FDC’s Manager, Dumebi Oluwole, and analyst, Rosemary Ehira, discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated programmes, respectively.

Click the link below to watch the video.

Enjoy your read!