Akintunde Oyedokun
Research Analyst
Oil prices rose on Friday as disruptions around the Strait of Hormuz raised concerns over global supply. Brent gained 1.47% to $90.34 a barrel, while WTI climbed 2.33% to $85.54.
Brent was on track for a 24% monthly gain, while WTI was up about 23%. Geopolitical tensions and reduced tanker traffic are expected to keep prices volatile.
South Korea’s July Exports Surge 62.8%
South Korea’s exports jumped 62.8% to $98.89bn in July, beating forecasts, driven by strong AI and chip demand. Semiconductor exports soared 179%, while computer shipments rose 404%. Imports increased 26.5% to $68.56bn, leaving a $30.32bn trade surplus.
Brazil’s Budget Deficit Hits Highest Level Since 2021
Brazil’s budget deficit widened to 9.99% of GDP in the 12 months to June, the highest since 2021, driven largely by rising interest costs.
The deficit reached 1.3 trillion reais ($257.03 billion), while public debt rose to 81.9% of GDP. Interest payments accounted for 8.8% of GDP, highlighting growing pressure on the country’s finances.
Egypt Raises Electricity Tariffs by 12%
Egypt will keep electricity tariffs unchanged for the lowest-use households but raise rates for other residential consumers by an average of 12% to support the power sector’s financial sustainability.
The government spends about 100 billion Egyptian pounds ($1.9 billion) annually to bridge the gap between electricity costs and consumer tariffs. The latest increase follows a 16–20% hike for higher-use households and businesses in April.
Nigeria Exports 182.2m Barrels of Crude Worth N24.02tn in H1 2026
Nigeria exported 182.2 million barrels of crude worth N24.02tn ($17.60bn) in H1 2026, while producing 263.65 million barrels valued at $25.41bn. About 69% of output was exported, despite concerns over crude supply to domestic refineries.
Average daily production rose to 1.56 million barrels per day in June, while exports averaged 1.11 million bpd. Higher oil prices, rather than stronger export volumes, largely drove the increase in export earnings.
