Akintunde Oyedokun
Research Analyst
Oil prices surged last week as renewed U.S.-Iran clashes raised concerns over supply disruptions. Brent gained 7.6% to $96.28, while WTI rose nearly 10% to $91.48.
The ongoing tensions and reduced flows through the Strait of Hormuz are keeping supply risks elevated and supporting higher oil prices.
Venezuela Inflation Slows Sharply to 8.9% in August
Venezuela’s inflation rate fell sharply to 8.9% in August, down from 19.9% in July, according to central bank data.
However, annual inflation remained extremely high at 534.21%.
South Korea’s Exports Surge on AI Chip Demand
South Korea’s exports have hit $709.4 billion this year, surpassing last year’s record and putting the country on track to reach $1 trillion by December.
Semiconductor exports surged 169.6% to $281 billion in January–August, accounting for 41% of total exports. Exports to China rose 76%, while shipments to the U.S. climbed 57%.
Air Tanzania Resumes Moscow Flights
Air Tanzania will resume Dar es Salaam–Moscow flights on September 7 after a brief suspension over safety concerns. The airline cited a routine risk assessment amid disruptions at Moscow airports linked to drone attacks.
Ukraine has warned that Russia’s airspace is becoming increasingly dangerous, raising concerns for airlines operating the route.
Nigeria’s Foreign Reserves Hit $54 Billion, Highest Since 2008
Nigeria’s foreign reserves have risen to $54.08 billion, their highest level since 2008, according to CBN data.
The reserves are up $8.52 billion, or 18.7%, from $45.56 billion in January, driven by stronger FX inflows.
The increase has also supported the naira, which strengthened to ₦1,315/$, its strongest level in two years.
