Akintunde Oyedokun
Research Analyst
Oil prices fell about 1% on Friday, with Brent at $105.46 a barrel and WTI at $93.56.
Hopes for a US-Iran truce eased supply concerns, despite continued Houthi attacks on Saudi Arabia. Brent gained about 2% for the week, while WTI fell 7%.
About 33.7 million barrels of crude passed through the Strait of Hormuz during the week, according to Kpler data.
US Consumer Sentiment Falls to Four-Month Low
US consumer sentiment fell to 48.1 in September from 51.7 in August as inflation concerns weighed on household finances.
One-year inflation expectations rose to 4.6% from 4.0%, while five-year expectations edged up to 3.4%.
The index is now 15% below its January level, reflecting growing concerns about the economic outlook.
Brazil Inflation Accelerates to 4.47%
Brazil’s mid-September inflation rose to 4.47% year-on-year, up from 4.24% and above the 4.30% forecast.
Monthly inflation reached 0.70%, driven mainly by a 2.07% rise in housing costs, while food and beverages increased 0.4%.
Inflation remains within the central bank’s target range after it cut the Selic rate by 25 basis points to 13.75% last week.
Moody’s Cuts Botswana Rating
Moody’s downgraded Botswana to Baa2 from Baa1, citing weaker public finances, falling diamond revenues and lower SACU receipts.
The downgrade is the country’s second in less than a year, while the outlook was revised to stable from negative.
Nigeria Cuts Interest On Late Tax Payments
Nigeria’s Federal Government has cut interest on late tax payments from October 1, 2026. Naira tax liabilities will attract MPR plus 1 percentage point, while foreign-currency taxes will be charged at SOFR plus 6 percentage points.
The rates will be reviewed monthly and interest calculated daily until payment.
The move is aimed at aligning late-payment costs with prevailing market conditions and improving tax compliance.
