Akintunde Oyedokun
Research Analyst
Oil prices rose Wednesday as geopolitical tensions escalated, though supply concerns limited further gains. Brent crude gained 1% to $67.05 a barrel, and WTI climbed 1.1% to $63.31.
Prices briefly jumped after Israel struck Hamas leaders in Doha and Poland shot down Russian drones, but gains eased as no supply disruption was reported. Washington also pushed the EU to impose tariffs on China and India, while EU leaders discussed accelerating the phase-out of Russian fuel.
India Sees Limited Tariff Impact As GST Cuts Cushion Economy
India’s recent GST cuts are expected to soften the blow of U.S. tariffs, Chief Economic Advisor V. Anantha Nageswaran said on Wednesday. He projected that the net effect of higher tariffs and lower taxes would trim GDP growth by only 0.2–0.3 percentage points, keeping growth for the year within 6.3–6.8%. The tax relief should spur domestic demand to offset weaker exports to the U.S., he added. However, he cautioned that prolonged tariff pressure from Washington’s 25% duty over India’s Russian oil imports could pose risks ahead.
Australia’s Home Prices to Rise 5–6% As Rates Fall
Australian house prices are set to climb 5–6% over the next two years as cheaper loans boost demand, a Reuters poll shows.
The Reserve Bank of Australia has cut rates by 75 basis points since February, lowering mortgage costs and encouraging more sales. Prices in major cities are expected to rise 4–7%, but experts say high costs and limited housing supply will stop another big boom.
This will push the national median home price to new highs, making it harder for first-time buyers to enter the market.
Botswana Launches New Fund To Cut Diamond Dependence
Botswana has introduced a new sovereign wealth fund to boost growth, create jobs, and support its struggling state firms.
The move comes as the economy faces pressure from weak diamond sales, which make up most of its exports and revenue. Unlike the older Pula Fund, this new fund will focus on investing in businesses and assets, both locally and abroad, using only returns to fund projects.
Officials say the goal is to diversify the economy and reduce reliance on diamonds for future stability.
Nigeria’s Power Grid Fails, Supply Being Restored
Nigeria’s power grid collapsed on Wednesday after a generator fault caused a nationwide blackout, the Independent System Operator (NISO) said. The outage happened at 10:20 GMT, but power is being restored, starting from Abuja through the Shiroro hydropower plant.
Frequent grid failures keep disrupting daily life and forcing people and businesses to depend on expensive fuel-powered generators. Experts say urgent upgrades are needed to make electricity supply stable.
