Akintunde Oyedokun
Research Analyst
Oil prices surged on Thursday as rising Middle East tensions threatened supplies through the Strait of Hormuz, while Hurricane Isaias forced production cuts in the US Gulf of Mexico.
Brent crude rose 4.54% to $104.75 per barrel, while WTI gained 4.53% to $92.28. Declining US crude inventories and escalating attacks on oil tankers further supported prices amid persistent supply concerns.
UK Bond Yields Hit Multi-Decade Highs on Oil Surge
UK government bond yields rose to multi-decade highs on Thursday as surging oil prices and global supply concerns fuelled inflation fears. The 10-year gilt yield reached 5.527%, its highest since 2007, while 20-year and 30-year yields hit levels last seen in 1998. Brent crude climbed about 5% to $105 per barrel.
Venezuela Projects 6.5% Growth as Oil Output Rises
Venezuela expects 6.5% economic growth in the third quarter of 2026, driven by improvements in its oil and non-oil sectors. Acting President Delcy Rodriguez said oil production rose 8% year-to-date to 1.25 million barrels per day, while the country targets $12 billion in public and private financing over the next two years.
DR Congo Central Bank Holds Policy Rate at 12.5%
The Democratic Republic of Congo’s central bank has maintained its benchmark interest rate at 12.5%, following a meeting of its Monetary Policy Committee on Thursday. The decision keeps borrowing costs unchanged as the bank continues to assess economic conditions and inflationary pressures.
Nigeria Considers ₦1,350 Petrol Price Cap
Nigeria is considering capping petrol prices at ₦1,350 per litre as global oil prices surge, Finance Minister Taiwo Oyedele said on Thursday. The government also plans a 30-day fuel discount programme and may impose windfall taxes on energy companies to fund transport subsidies and fuel support for low-income workers.
