Akintunde Oyedokun
Research Analyst
Oil prices rose over 1% on Tuesday after reported attacks on vessels near the Strait of Hormuz renewed fears of supply disruptions. Brent crude climbed to $72.75 a barrel, while U.S. WTI advanced to $69.28, as investors closely monitored escalating tensions involving Iran and the security of the key global oil shipping route.
Canada’s Trade Surplus Reaches Four-Year High
anada’s trade surplus widened to C$4.24 billion in May, the highest in four years, as exports to the U.S. rose 1.5%. Strong metal exports offset a 2% decline in energy shipments, while total imports slipped 0.2%. The result highlights the country’s continued reliance on strong U.S. demand despite efforts to diversify exports.
U.S. Trade Deficit Hits 14-Month High
The U.S. trade deficit widened 42.2% to $77.6 billion in May, the highest in 14 months, as imports climbed to $395.3 billion on record capital goods purchases driven by AI investment.
Exports fell 3.2% to $317.7 billion, with economists warning the wider trade gap could weigh on second-quarter economic growth
Zimbabwe Launches Blueberry Exports to China
Zimbabwe has begun exporting blueberries to China after both countries agreed on import standards last year. The country expects exports to reach 12,000 metric tons in 2026, up from 9,500 tons last year, as it expands access to China’s fast-growing market.
NNPC Cuts Operating Costs by $3.4bn, Boosts Oil Output and Government Revenue
NNPC says it saved $3.4 billion through contract optimisation, while boosting crude oil production by 6% and increasing government revenue by 21.8% to ₦19.5 trillion. Group CEO Bashir Bayo Ojulari said Nigeria’s oil output has reached 1.71 million barrels per day, its highest level in five years.
