Akintunde Oyedokun
Research Analyst
Oil prices surged nearly 5% on Wednesday after U.S. President Donald Trump threatened fresh strikes on Iran, raising concerns over crude supplies from the Middle East.
Brent crude rose 5.1% to $77.97 a barrel, while U.S. WTI gained 4.8% to $73.80, as fears of disruptions through the Strait of Hormuz lifted the market.
China Pledges Continued Monetary Support To Boost Demand, Stabilise Growth
China’s central bank will maintain an accommodative monetary policy to support consumption and growth as weak demand persists. The PBOC has kept key rates and banks’ reserve requirement ratios unchanged since May 2025. China will release second-quarter GDP data next week, with growth expected to slow from 5.0% in the first quarter. The government targets 4.5%-5.0% GDP growth in 2026.
Australia’s Reserve Bank Keeps Tightening Option Open After Oil Shock Hits Confidence
Australia’s central bank said the oil price shock has hurt consumer and business confidence but has yet to significantly slow the economy. The RBA, which has raised rates to 4.35%, said further tightening remains possible if higher oil prices keep inflation elevated.
Tanzania Central Bank Boosts Reserve With 28 Tonnes Of Gold To Support Shilling
Tanzania’s central bank has bought 28 metric tonnes of gold worth about $3.68 billion over the past 18 months to boost foreign reserves and support the shilling. Governor Emmanuel Tutuba said the programme, launched in 2023, has also led to over 4,000 new financial accounts for mineral traders and small-scale miners. Tanzania’s foreign reserves stand at $6 billion, covering 4.3 months of imports.
IMF Warns Rising Prices Could Deepen Poverty In Nigeria
The IMF says rising food and energy prices could worsen poverty and food insecurity in Nigeria despite improved macroeconomic stability. It maintained the country’s 2026 growth forecast at 4.1% and projected 4.3% growth in 2027, while urging targeted support for vulnerable households instead of broad subsidies. Nigeria’s inflation rose to 15.93% in May 2026, up from 15.69% in April.
