Akintunde Oyedokun
Research Analyst
Oil prices rose on Wednesday after fresh U.S. strikes on Iranian military targets increased concerns over supply disruptions in the Strait of Hormuz. Brent crude gained 0.2% to $84.91 per barrel, while WTI added 0.3% to $79.60. Analysts said prolonged disruptions to Gulf oil exports could push prices higher, although investors remain cautious as the conflict continues to evolve.
Bank of Canada Holds Rate at 2.25%
The Bank of Canada kept its benchmark interest rate at 2.25%, citing easing inflation and expectations of stronger economic growth later this year.
The central bank lowered its 2026 growth forecast to 0.7% and raised its inflation outlook to 2.5%. Markets expect rates to remain unchanged for the rest of 2026.
South Korea Hikes Rates, Signals More Tightening
South Korea’s central bank raised its benchmark rate by 25 basis points to 2.75%, its first increase in three-and-a-half years, citing stronger growth and persistent inflation.
The Bank of Korea signalled more rate hikes could follow, with most analysts expecting the policy rate to reach 3.00% before year-end.
Ghana Approves Mining Law Overhaul
Ghana’s cabinet has approved changes to its mining law aimed at strengthening oversight, increasing local participation and curbing illegal mining. The reforms introduce stricter exploration rules, greater community involvement and mandatory development agreements between mining firms and host communities.
Nigeria’s Inflation Slips to 15.91% in June
Nigeria’s headline inflation eased slightly to 15.91% in June from 15.93% in May, while food inflation stood at 17.52%. The data reinforces expectations that the CBN will likely keep interest rates unchanged at next week’s MPC meeting despite lingering food price pressures. Inflation is expected to moderate further in the second half of the year, although seasonal supply constraints remain a key risk.
