Akintunde Oyedokun
Research Analyst
Oil prices climbed on Monday after U.S. and Israeli strikes around the Strait of Hormuz and Iran’s retaliation disrupted energy facilities and tanker movement.
Brent crude rose about 8% to near $78.92 per barrel, while WTI gained roughly 7.8% to around $72.24. The conflict heightened supply concerns since the waterway carries about one-fifth of global oil trade, keeping energy markets on edge.
U.S. Factory Prices Jump as Manufacturing Holds Steady Amid Tariff, Oil Risks
U.S. manufacturing expanded modestly in February, with the Institute for Supply Management PMI at 52.4. However, factory input prices surged to a multi-year high due to tariffs, rising metal costs, and supply chain delays, keeping inflation risks elevated. New orders eased slightly but backlog orders rose, while manufacturing employment stayed weak as firms avoided new hiring. Geopolitical tensions that lifted oil prices also increased pressure on inflation expectations and reduced prospects of early rate cuts by the Federal Reserve. Overall, U.S. factory demand remains steady, but cost and energy risks persist.
India’s Industrial Output Growth Slows To 3-Month Low
Industrial production in India rose 4.8% year-on-year in January, slowing to a three-month low and missing the 6.5% forecast by economists. Growth weakened from the revised 8% recorded in December as manufacturing and consumer goods output softened.
Manufacturing output also rose 4.8%, while electricity generation and mining increased 5.1% and 4.3% respectively. Consumer durables output climbed 6.3%, but non-durables fell 2.7%. Overall industrial output grew 4% during April–January, slightly below 4.2% a year earlier.
Egypt’s Net Foreign Assets Rise To Record $29.54 Billion
Egypt’s net foreign assets increased by $4.02 billion in January to a record $29.54 billion, driven by Gulf investments, strong remittances, and the 2024 currency devaluation. Data from the Central Bank of Egypt showed remittances reached $4 billion in December 2025, lifting total 2025 inflows to $41.5 billion.
Foreign assets at commercial banks rose by about $1.67 billion, while central bank assets were largely stable. Net foreign liabilities declined across both segments. Egypt’s net foreign assets had turned negative in 2022 but returned to positive territory in May 2024 after the currency devaluation.
Nigeria, AFC Strike $1.3bn Alumina Refinery Deal
Nigeria has signed a $1.3 billion agreement with the Africa Finance Corporation to develop an alumina refinery and boost mineral exploration.
The pact, executed through the Solid Minerals Development Fund, also covers nationwide mineral mapping and an investment vehicle to speed up exploration. Mines Minister Dele Alake said the move supports President Bola Tinubu’s plan to diversify revenue away from oil.
The refinery will process one million metric tons of bauxite yearly and is expected to produce about 19 million tons of alumina over 20 years.
