Akintunde Oyedokun
Research Analyst
Oil prices dropped more than 3% on Tuesday as U.S. sanctions on Iran were seen as less damaging to supply than military escalation. Brent settled at $88.58 a barrel, while WTI closed at $82.36. However, risks around the Strait of Hormuz continue to support prices.
U.S. Consumer Confidence Hits Seven-Month Low
U.S. consumer confidence fell to 89.4 in August, the lowest since January, as concerns over jobs and inflation grew.
The Conference Board said consumers now expect inflation to reach 5.8% over the next year, up from 5.6% in July, while their outlook for employment weakened.
Canada Hits Back With $20bn U.S. Tariffs
Canada will impose tariffs on $20 billion of U.S. goods from September 8, targeting about 700 products.
It also unveiled C$7.5 billion in support for affected businesses and workers, escalating the trade dispute with Washington.
Ghana Tightens Gold Export Rules
Ghana’s GoldBod will require artisanal gold doré to be refined locally before export from September 1.
Self-financing aggregators must update their agreements by August 31. GoldBod warned that non-compliance could lead to sanctions, including licence revocation.
Ghana exported 104 tonnes of artisanal gold in 2025 and expects similar or higher volumes this year.
Fuel Subsidy Removal Saves N15.8trn
Nigeria saved N15.8trn from fuel subsidy removal between June 2023 and December 2025, Finance Minister Taiwo Oyedele said.
The government received N5.4trn, while states and local governments got N5.4trn and N3.9trn. Total inflows reached N20.4trn, but spending rose to N30.6trn, with debt servicing taking N9.4trn.
For investors, controlling spending and boosting tax and oil revenues remain key to strengthening the fiscal outlook.
