Global oil markets experienced a seismic shift on Monday, March 23, 2026, with Brent crude plummeting 10.8% to settle at $100.11/barrel. This dramatic single-day decline, the steepest since March 2025, comes amid heightened geopolitical tensions following former US President Donald Trump's ultimatum to Iran, creating extreme volatility across commodity markets.
Divergent Impact on African Stock Markets
African exchanges are reacting divergently to this oil correction, reflecting their varying exposure to hydrocarbons. Nigeria, Africa's largest oil producer, saw its energy stocks come under pressure on the Lagos Stock Exchange. Seplat Petroleum declined -3.2% while Oando dropped -4.1% in heavy volumes. Conversely, net importers like Morocco are getting temporary relief from lower oil prices. The Casablanca Stock Exchange showed relative resilience with the MASI limiting its decline to -0.4%, supported by banking and industrial stocks benefiting from lower energy cost prospects.
Key figures:
-10.8%: Brent's daily decline
$100.11/barrel: Closing price
-6.8%: Weekly performance
-3.2%: Seplat's decline (NGX)