Akintunde Oyedokun
Research Analyst
Oil prices fell on Thursday as Oman-Iran talks raised hopes of safer passage through the Strait of Hormuz.
Brent dropped 1.56% to $89.32 a barrel, while WTI fell 1.35% to $83.32. However, ongoing Middle East strikes and supply disruptions kept risks elevated.
Germany Inflation Hits 2.8% as Energy Costs Rise
German inflation rose to 2.8% in July, from 2.4% in June, as energy costs increased.
The economy grew 0.2% in Q2, beating forecasts, but Middle East tensions and weak domestic demand threaten the recovery.
Core inflation eased to 2.4%, while investment declined during the quarter.
Commerzbank raised its 2026 growth forecast to 1.0% from 0.6%.
Spain’s Economy Grows 0.7% in Q2, Beats Forecast
Spain’s economy grew 0.7% in the second quarter, accelerating from 0.6% in Q1 and slightly beating analysts’ 0.6% forecast.
GDP rose 2.7% year-on-year, above expectations of 2.5%, keeping Spain among Europe’s stronger-performing economies, supported partly by record tourism.
Ghana Cocoa Output Forecast to Drop 16%
Ghana’s cocoa output is expected to fall at least 16% in 2026/27 due to adverse weather, disease, ageing farms and illegal mining, COCOBOD said.
The regulator plans farm rehabilitation, wider spraying and free fertiliser distribution to limit losses. Ivory Coast is also expected to record a more than 10% decline in output.
Nigeria’s Customs Enforces 2026 Revised Tariff
The Nigeria Customs Service has begun enforcing the 2026 revised tariff and excise framework approved by President Bola Tinubu.
The changes cover import taxes, trade restrictions, excise duties and a Green Tax on vehicles with engines of 2,000cc and above, with Customs urging stakeholders to comply.
