Akintunde Oyedokun
Research Analyst
Oil prices rose more than 2% on Friday as escalating U.S.-Iran tensions raised fears of supply disruptions.
Brent gained 2.1% to $86 a barrel, while WTI rose 2.4% to $80.86. Both benchmarks climbed about 13% for the week.
Concerns over disruptions to shipping through the Strait of Hormuz and the Red Sea also pushed diesel margins to record highs.
U.S. Factory Output Flat in June, Q2 Growth Hits Five-Year High
U.S. factory output was unchanged in June but grew at a 4.7% annualized rate in Q2, the fastest in five years, driven by strong AI investment and inventory buildup.
Overall industrial production rose 0.1% in June and grew 4.0% in Q2. Semiconductor output increased 0.5% in June, while capacity utilization held at 76.1%.
China Seen Holding Lending Rates Steady
China is expected to keep its key lending rates unchanged for a 14th straight month, with the one-year LPR at 3.00% and the five-year rate at 3.50%, despite weaker second-quarter economic growth. Analysts expect fiscal support to remain the main policy tool, though some see a possible rate cut later this year.
Ebola Outbreak Delays U.S-Congo Mining Talks
An Ebola outbreak in the Democratic Republic of Congo, which has killed nearly 800 people, is delaying talks on a U.S.-backed minerals partnership. Travel restrictions have disrupted meetings with investors and suppliers, while mining operations remain largely unaffected.
FG to Issue N729bn Bond to Clear Power Sector Debts
The Federal Government plans to issue a N729bn bond to settle verified debts owed to power generation companies, bringing total bond issuances under the programme to N1.23tn.
The move is aimed at improving liquidity, boosting investor confidence and attracting fresh investment into Nigeria’s power sector.
