The Week Oil Changed Everything — Pan-African Market Recap, April 7–11, 2026
Brent crude collapsed 13.3% in a single week, closing Friday at $95.2/bbl — its steepest weekly decline since the Covid-19 shock. The trigger: the escalating US-Iran military confrontation, which paradoxically drove prices lower by stoking fears of a global recession rather than triggering a classic supply shock. Across all 7 African stock markets, this week served as a genuine stress test for the continent's financial resilience — and the results diverged sharply along geographic and economic fault lines.
Key figures of the week
- Brent crude: $95.2/bbl (week: -13.3%)
- MASI (Casablanca): 18,447.35 pts (Friday: +2.13%)
- EGX 30 (Cairo): 49,078.6 pts (Friday: +1.00%)
- JSE All Share (Johannesburg): 119,025.13 pts (Friday: +0.69%)
- Gold: $4,761.9/oz (Friday: -0.6%, but near historic highs)
- USD/NGN: 1,356.38 (week: naira appreciated +1.60% vs. dollar)
North Africa: Casablanca and Cairo Hold Their Ground
The week's standout performance belongs to Casablanca. The MASI rose on Friday to close at , trimming its 2026 year-to-date loss to just . Even more telling, the MASI ESG index surged on the session — a clear signal that high-governance stocks served as a safe haven amid global turbulence.