Akintunde Oyedokun
Research Analyst
Oil prices rose on Thursday as stalled U.S.-Iran talks and restricted shipping through the Strait of Hormuz heightened supply concerns.
Brent crude gained 1.32% to $89 a barrel, while WTI rose 0.63% to $82.75. Analysts said prolonged tensions could keep a risk premium in oil prices.
Brazil Current Account Deficit Widens Sharply
Brazil’s current account deficit rose to $8.11 billion in July, its largest July shortfall in seven years and above the $6.6 billion forecast. The wider deficit reflected weaker trade and higher services and income outflows, while FDI fell to $7.46 billion but still covered the external gap.
Sweden Raises 2026 Growth Forecast to 2.5%
Sweden’s government raised its 2026 GDP growth forecast to 2.5% from 2.3%, citing stronger recovery and policies supporting households and businesses.
The government expects Sweden to outperform much of Europe, while promising further measures to boost purchasing power ahead of the September 13 election.
Rwanda Raises Rate To 8.75% as Inflation Hits 14.5%
Rwanda’s central bank raised its policy rate to 8.75% from 8.25% to curb inflation, which rose to 14.5% in July. The bank expects inflation to return to its 2%-8% target by H2 2027.
Gold now makes up 10%-15% of foreign reserves, while the economy grew 10% in Q1 2026, supported by services and industry.
Nigeria’s External Debt Service Falls 31% To $954m
Nigeria’s external debt service payments fell 31% year-on-year to $954.1 million in Q1 2026, mainly due to lower repayments to multilateral and bilateral lenders.
Non-market payments dropped 53% to $452.2 million, while market-related payments rose to $501.8 million due largely to First Abu Dhabi Bank facility charges.
The government is also preparing for a possible Eurobond issue, though Middle East tensions could push borrowing costs above last year’s yields.
