Oil prices rose on Thursday as a sharper-than-expected decline in US crude inventories reinforced concerns over tightening supply. Meanwhile, ongoing negotiations between Washington and Tehran helped limit fears of broader escalation in the Middle East.

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South African local currency, Rand is trading sideways on Thursday after inflation data released amidst ongoing negotiation between the US and Iran as part of an efforts to reopen Iran’s Strait of Hormuz.

Global equities rallied as easing inflationary concerns on the back of optimism around a potential United States-Iran peace agreement boosted investor sentiment across major markets.

XRP price climbed by 1.05% to $1.38 as Ripple partners with Project Eleven to audit its ledger. The token, which had hit a low below $1.30, ticked up, closely tracking Bitcoin’s 1.06% gain.

The banking system’s excess liquidity surged as the monetary authority maintained its stance of economic tightening while seeking to tame Nigeria’s double-digit headline inflation.