Akintunde Oyedokun
Research Analyst
Oil prices fell more than 3% on Friday but remained set for strong weekly gains amid rising Middle East tensions and supply disruptions.
Brent crude fell 3.57% to $97.10 a barrel, while WTI dropped 3.41% to $89.05. Brent was still on track for a weekly gain of over 10%, supported by concerns over Red Sea shipping disruptions and wider regional conflict.
France’s Private Sector Downturn Eases in July
France’s flash composite PMI rose to 49.6 in July from 47.2 in June, signalling a slower contraction. The services PMI improved to 49.8, while manufacturing fell to 50.0.
However, renewed Middle East tensions continue to threaten the recovery through higher energy prices, inflation and borrowing costs.
U.S. Services Growth Hits Eight-Month High
U.S. services activity accelerated in July, with the services PMI rising to 53.6 from 51.2 in June. The composite PMI also climbed to 53.6, while manufacturing eased to 53.8 from 53.9.
However, rising oil prices and supply disruptions linked to the Iran conflict could threaten growth and fuel inflation.
Morocco’s Growth Forecast to Slow to 4.2% in 2026
Morocco’s economic growth is expected to slow to 4.2% in 2026 from 4.9% last year, the World Bank said.
Growth in 2025 was boosted by stronger agricultural output and over 190 billion dirhams ($20 billion) in infrastructure spending ahead of the 2030 World Cup. The bank said investment and domestic demand should support growth, while higher energy costs, droughts and weak European demand remain key risks.
Nigeria Secures $155m Clean Energy Investment
Nigeria has attracted $155m in clean energy investments as the Rural Electrification Agency (REA) works to position the country as Africa’s renewable energy hub.
The investments include an $80m facility for off-grid solar projects and a $75m smart battery programme by UK-backed MOPO. REA also said WeLight plans to enter Nigeria’s off-grid market, while African countries are studying the country’s rural electrification model.
