Akintunde Oyedokun
Research Analyst
Oil prices were mixed on Friday but headed for weekly gains as U.S.-Iran tensions raised concerns over supply disruptions.
Brent fell 0.1% to $86.95, while WTI gained 0.2% to $81.38. Both were set for weekly gains of 3.4% and 4%, respectively.
Slower shipping through the Strait of Hormuz further heightened concerns about global crude supply.
U.S. Producer Prices Hold Steady in July
U.S. producer prices were unchanged in July as lower goods costs offset higher services prices, easing expectations of a September Fed rate hike.
Annual PPI growth slowed to 4.7% from 5.5% in June. Markets now see a 67.6% chance of rates staying at 3.50%-3.75% in September.
U.S. stocks rose, while the dollar and Treasury yields fell.
Peru’s Growth Slows to 1.75% in June
Peru’s economy grew 1.75% year-on-year in June, down from 1.8% in May, as adverse weather hit agriculture and fishing.
Agriculture fell 8%, fishing plunged 52%, while manufacturing and mining declined by over 6% and 2%, respectively.
Despite the setbacks, the economy expanded 3.05% in the first half of 2026. The government expects full-year growth of 3.5%.
Zambia Resumes Vote Counting
Zambia has resumed vote counting after violence against election officials and the theft of ballot papers led to a temporary suspension.
The Electoral Commission said security had been restored, with initial results expected Friday and the final outcome on Monday. President Hakainde Hichilema is seeking re-election against opposition candidate Brian Mundubile.
CBN Forex Sales Surge to $953.4m
The CBN’s foreign exchange sales jumped 291% to $953.41 million in March 2026, from $244.13 million in February and $58.93 million in January.
March sales comprised $950.10 million in spot FX and $3.31 million to MDAs, marking the highest monthly level since April 2025.
Meanwhile, autonomous sources accounted for 64.94% of Nigeria’s FX inflows in 2025, reaching $72.91 billion.
