The Iran-US War Rewrites Africa's Market Map
Brent crude closed Friday at $109.03/bbl, surging +7.8% in a single session on April 4, 2026, as fears of a prolonged Strait of Hormuz closure triggered a global rush into energy assets. Yet on a weekly basis, crude still sits -3.3% lower — a sign that markets are still calibrating the full geopolitical magnitude of the US-Iran conflict. This tension has acted as a stress test for African exchanges, exposing the structural divide between commodity-exporting economies and net energy importers across the continent.
Key figures of the week
- Brent crude: $109.03/bbl (+7.8% Friday, -3.3% on the week)
- MASI (Casablanca): 17,514.8 (-7.07% YTD in 2026)
- JSE All Share (Johannesburg): 116,122.8 (-0.41% Friday)
- DRD Gold: +7.3% to ZAR 52.70 Friday
- NGX ASI (Lagos): 1,502.32 (+0.40% Friday)
- Gold: $4,651.5/oz (-2.8% Friday)
JSE: Miners Shine as the Continent's Commodity Hedge
Johannesburg's All Share index dipped a modest -0.41% to 116,122.8 on Friday, but that headline number conceals a sharply bifurcated session. Gold and platinum miners surged: DRD Gold jumped to , African Rainbow Minerals (ARI) gained to , and Sibanye Stillwater (SSW) added to . The dynamic is straightforward: gold at — even after Friday's pullback — remains at historically elevated levels, and platinum at continues to support South Africa's dominant position in that market.