Akintunde Oyedokun
Research Analyst
Oil prices rose to a one-week high on Friday after the U.S. imposed fresh sanctions on Iranian oil shipments, stoking fears of supply disruptions. Brent crude gained 2.8% to $65.88 a barrel, while WTI advanced 2.9% to $61.07, with both posting weekly gains above 2.5%.
Supply worries were compounded by continued outages at Kazakhstan’s Tengiz oilfield, a key source of global crude supply.
U.S. Business Activity Steady In January Amid Weak Hiring, High Costs
U.S. business activity held firm in January as stronger new orders offset soft hiring and falling exports, while cost pressures persisted due to tariffs. The S&P Global Composite PMI stood at 52.8, indicating modest expansion, but business confidence eased and employment growth remained weak. Elevated price readings suggest inflation may stay sticky, supporting expectations that the Federal Reserve will keep interest rates unchanged.
Bank of Canada Likely to Keep Rates At 2.25% Through 2026
The Bank of Canada is expected to hold its overnight rate at 2.25% through 2026 as the economy grows steadily and inflation remains manageable. Slower job growth and trade uncertainties with the U.S. support a cautious stance. With rates near neutral after past cuts, any change this year is more likely to be a reduction. Economic growth is forecast to improve in 2026 if trade tensions remain contained.
Libya Secures $20B Oil Investment
Libya signed a 25-year oil development deal with TotalEnergies and ConocoPhillips, aiming to raise production to 850,000 barrels per day and generate $376 billion in revenue. The government also strengthened ties with Chevron and Egypt’s oil ministry. Results from Libya’s first oil exploration bidding round in over 17 years will be announced on February 11, as the country seeks to attract foreign investment despite ongoing political instability.
Nigeria Allocates N1.3bn to Upgrade Varsity Entrance Exam Centres
The Federal Government has earmarked over N1.3 billion in the 2026 budget to build, renovate, and equip JAMB Computer-Based Test (CBT) centres nationwide, including Lagos, Rivers, Abia, Ondo, and Gombe. This follows glitches and access issues during the 2025 UTME. Ahead of the 2026 exams, JAMB has accredited 848 centres, upgraded ICT systems, and delisted underperforming centres. The move supports Nigeria’s plan to shift major exams to CBT by 2026, though infrastructure gaps remain.
