Falling Oil Prices Push Down Shell and Airtel Africa Amid Market Uncertainty

Brent crude, the international oil benchmark, fell by nearly one per cent to $103 per barrel at the end of last week. This decline was attributed to fears that the disruption to Saudi Arabian oil pipelines from Houthi attacks was worse than initially thought. The lower prices pushed down both BP and Shell, while Airtel Africa slumped by more than 11 per cent after it was revealed that the floatation of its payments arm, Airtel Money, had been scaled back.

The market movement reflects a broader market concern, as the decline in oil prices has been a factor since the Iran conflict began in February. The sell-off in equity markets follows a week where the US Federal Reserve held rates steady but signaled that a UK rate hike might be imminent.