Oil prices posted steep weekly losses Friday as signs of de-escalation between Iran, Israel and the US eased fears of disruptions to global crude supplies, reversing gains made earlier in the week amid heightened Middle East tensions.

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Oil prices dipped below $90 per barrel on Friday as the US and Iran inch close to an agreement that could see the reopening of the Strait of Hormuz in the coming days.

The European Central Bank (ECB) raised its three key policy rates by 25-basis points at its June 2026 meeting, marking its first hike since 2023.

The South African rand slid against major currencies as the World Bank reduced its estimate of the country’s 2026 gross domestic product (GDP) growth.