Akintunde Oyedokun
Research Analyst
Oil prices rose to three-week highs on Thursday as Middle East tensions heightened supply concerns.
Brent gained 2.39% to $93.81, while WTI rose 2.71% to $88.16, marking a fifth straight session of gains.
Concerns over disruptions around the Strait of Hormuz continued to support prices.
U.S. Jobless Claims Fall, Labour Market Remains Stable
U.S. jobless claims fell by 6,000 to 206,000 last week, below economists’ forecast of 210,000, signalling continued labour market stability despite weak hiring.
The data support expectations that the Federal Reserve could keep interest rates unchanged in September as inflation remains above its 2% target. The unemployment rate held at 4.1% in July.
German Producer Prices Hit Three-Year High
German producer prices rose 3.0% year-on-year in July, the fastest pace since April 2023, signalling renewed inflationary pressure.
The increase, driven by higher intermediate goods and energy costs, exceeded the 2.7% forecast and accelerated from 1.8% in June. Prices also rose 1.1% monthly.
Uganda Export Earnings Rise 11.3%
Uganda’s export earnings rose 11.3% year-on-year to $1.28 billion in June, driven by stronger gold and cotton exports. Gold shipments surged 43.5% to $685 million, while coffee exports fell 36.3% to $184.4 million due to dry weather and lower harvests.
Nigeria’s Energy Inflation Drops to 4.37%
Nigeria’s energy inflation fell to 4.37% in July 2026 from 9.83% in June, according to the NBS.
Despite the decline, petrol, diesel and electricity costs remain major inflation concerns for households and businesses.
The July reading was the lowest recorded since April.
