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Brent gained 1.40% to $77.65pb due to Middle East supply risk

Brent futures rose 1.40% to $77.65pb on concerns of further escalation of the Israel-Iran conflict and fears of an abrupt fall in oil supplies. Additionally, Hurricane Milton has intensified demand for oil in Florida, supporting oil prices. In the near term, Brent prices are likely to slip again as peace efforts gain momentum.

The price of a 50kg bag of cement sharply increased to N8,400 this month

The price of cement rose by 13.51% to N8,400 in October from N7,400 in August. This price hike is mainly attributed to the soaring price of natural gas, the main energy source in cement production. Increased logistics costs also contributed to the rise. Higher prices are expected to impact the cost of building materials, roads, and bridges for both civil construction and the real estate sectors.

FDC’s Senior Associate, Dumebi Oluwole and analyst, Rosemary Adibe, 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!