Breaking News Today – Thursday 12 March 2026

Business News Today 

Oil Prices Surging on Middle East Conflict Escalation

Brent crude futures have jumped by over 8.7% to over $100 per barrel this morning, rising for a second straight session as persistent concerns over the Iran war overshadowed a coordinated release of oil reserves by major economies. In the latest developments, Iraq halted operations at its oil terminals after two oil tankers were targeted in Iraqi waters, underscoring heightened supply risks in the Middle East. Iran also told intermediaries that the US must guarantee that neither it nor Israel will strike the country in the future for a ceasefire to be considered, which Washington is unlikely to accept.

Additionally, the crucial Strait of Hormuz also remains effectively shut, with several commercial vessels reportedly struck off the coast of Iran. That has prompted major Middle Eastern producers to significantly curb output, tightening global supply further. Meanwhile, the International Energy Agency (IEA) has approved its largest-ever release of emergency oil reserves, with member states set to release 400 million barrels of crude oil.

South African Rand Losing Traction As Oil Prices Escalates

The South African rand fell toward 16.60 per USD, as traders sought refuge in the US dollar amid heightened inflationary risks from the Iran conflict. The rand has been under pressure recently, weighed down by global risk aversion and volatile oil prices, a particular concern for South Africa as a net fuel importer. This adds complexity to the country’s inflation outlook ahead of the next South African Reserve Bank meeting on March 26. Meanwhile, the latest data showed the South African economy recorded its fifth consecutive quarter of growth in Q4 2025, expanding by 0.4%, slightly below analysts’ forecasts of 0.5% – 0.6%. Full-year economic growth reached 1.1%, showing some sign of recovery after challenging years of load shedding, though well below the Treasury’s 1.4% and the Reserve Bank’s 1.3% estimates.

AI Driven E-commerce Group Quince Hits $10 Billion Valuation

Quince, the consumer technology e-commerce platform, focussed on lowering prices on premium goods, has announced a $500 million Series E financing yesterday that was led by ICONIQ, who previously invested in the start-up. the new funding raise has resulted in $10.1B Valuation to Accelerate the Manufacturer-to-Consumer Platform. Quince established its business in 2020 by testing a simple premise, that premium quality should not require legacy retail markups. The company first proved the model in material-led categories such as cashmere, where composition and craftsmanship are measurable. As customers returned and demand expanded, growth followed, not through trend cycles, but through designed supply chain innovation using AI to deliver consistent quality and better pricing at scale.

Quince is now an e-commerce platform that serves millions of customers across a broad set of categories, with repeat purchasing reinforcing that trust is anchored in the system and not in any single product. This unique end-to-end business model, with their proprietary technology and AI powering decision making, is driving rapid momentum and growth.

BMW Group Plant Rosslyn reaches 100,000 fourth-generation BMW X3

BMW Group Plant Rosslyn has reached a significant production milestone with the completion of its 100,000th fourth-generation BMW X3, reaching an important milestone for the South African manufacturing facility and the future of Auto manufacturing in the country.

The 100,000th vehicle produced is a Fire Red BMW X3 plug-in hybrid destined for Australia. BMW Group Plant Rosslyn is the only production facility globally manufacturing the BMW X3 plug-in hybrid for international markets, highlighting the plant’s strategic role within BMW Group’s global production network. Since the plant’s inception, more than 1.8 million vehicles have been produced at Plant Rosslyn

Breaking Business and Market News Shorts:  

• Ford has rolled out an AI assistant this week that can monitor and analyse millions of data points to help its Ford Pro commercial customers boost their bottom line. The focus of Ford and that of most other automakers today, is that they have an untapped market with additional money to be made in software.Ford’s Pro commercial offering now has more than 840,000 global subscribers.
• The Indian rupee fell to around 92.3 per dollar, marking a fresh record low, as escalating tensions in the Middle East drove renewed demand for the dollar and heightened concerns over oil supply. The decline followed reports that two tankers were attacked in Iraqi waters, forcing Iraq to suspend operations at its oil terminals. 
• Gold prices are exceptionally volatile today, falling below $5,140 per ounce in early trade this morning and then showing some recovery to above $5150. Gold closed yesterday at $5170. Gold futures are down -1.5% currently sliding for the second straight session as oil prices spiked on the prospect of a protracted Iran war overshadowed a coordinated release of oil reserves by major economies.
• WordPress has launched a new web only based website platform,  my.WordPress.net, a new take on making web development simple for creator users and content developers. With my.WordPress.net, WordPress runs entirely and persistently in your browser. There’s no sign-up, no hosting plan, and no domain decision required to get started.
• Harmony Gold has indicated that they produced their first copper ore, during its financial first half as the firm expands into a key expansion and growth area of the major gold producing mining house. Harmony indicated an output of 3,913 tons of copper concentrate from the CSA mine in Australia in the six months through December, as part of their annual financial statement yesterday.

Markets by Numbers 

Currency markets indicate the US dollar gaining momentum against major currencies today. The Greenback is trading against the Euro at 1.15346 while trading against the Pound at 1.33645. The Yen is currently trading at 159.11 to the dollar. The rand (ZAR) is currently trading at around R16.61 against the US dollar.

Commodities:  

• Gold futures have softened this morning, and currently trading -0.7% lower at around $5142.59 per ounce.  
• Copper prices are trending -1.1% lower today, with prices currently around $5.770 per pound
• Silver futures are trending over -1.4% lower today, and currently trading at around $84.465 per ounce.
• Platinum futures are trending -2.3% lower this morning, and currently trading at $2151.90, While Palladium prices are trending -0.4 lower this morning, and currently trading around $1644.50 per ounce.
• Brent crude oil prices have rocketed by over 9% this morning, with prices currently at $100.76 with WTI trading at $94.76 – up by over 8% today.
• Cocoa futures are -0.5% lower this morning, and currently trading around $3429 per ton. 
• Coffee futures are trending over -2.8% lower today, and trading at around $2.8740 per pound

Crypto Currencies: 

• Bitcoin prices are trending around 1.12% lower this morning, and trading at around $69 400 per coin currently 
• Ether prices are around -1.2% lower today, and currently trading around $2024.72
• $Trumpcoin are currently trading lower at around $2.867

(All prices quoted at approximately 07H05 Central African Time) 

African General News Briefs:

• A Netherlands-registered firm, Fleurette, a former holding company of Israeli billionaire Dan Gertler is to pay a $30 billion settlement over a corruption investigation into mining deals in the Democratic Republic of Congo. Fleurette, has been under investigation since 2018 which have looked into whether Fleurette, which served as the holding company for the Gertler group, and commodities group Glencore, paid bribes for copper and cobalt mining rights at below market prices. It is believed that tens of millions of U.S. dollars were paid to an advisor of ex president Joseph Kabila. Kabila, who is a close friend of Gertler, led the country from 2001-2019.
• Dangote’s crude oil refinery in Nigeria, has cut the price of petrol and diesel in line with the overall price of crude oil. Prices are now 1,075 naira per liter of gasoline and 1,430 naira per liter of diesel, a reduction of 100 and 190 naira respectively. The President of the Petroleum Products Retail Outlets Owners Association of Nigeria has praised the Dangote Refinery. Billy Gillis-Harry said ‘given the volatility of prices, the Dangote refinery is our salvation’. The massive Lagos based refinery is the main source of processed fuel in the country and is capable of processing around 650,000 barrels of crude oil per day.
• The youngest son of former Zimbabwean dictator Robert Mugabe, Bellarmine Chatunga Mugabe, 29, has appeared in a South African court to face charges of attempted murder. Mugabe has abandoned his bail application and the case is set to resume on 17 March. His lawyer said Mugabe is not yet sure how he will plead.