Akintunde Oyedokun
Research Analyst
Oil prices fell over 1.5% on Wednesday as Iran-Oman talks raised hopes of easing shipping disruptions through the Strait of Hormuz.
Brent dropped 1.86% to $86.93 a barrel, while WTI fell 1.75% to $80.92, with both hitting their lowest levels since August 10.
U.S. Inflation Holds at 3.7%, Fed Rate Hike Debate Grows
U.S. inflation remained at 3.7% in July, above the Fed’s 2% target, while strong business activity raised expectations of a possible September rate hike.
Corporate profits also surged by $400.9 billion in Q2, highlighting continued economic resilience.
Brazil Inflation Slows Sharply in August
Brazil’s inflation slowed to 4.24% in mid-August from 4.52% in July, beating expectations as consumer prices fell 0.40% month-on-month.
Lower housing, transport and food costs drove the decline, supporting expectations for further interest-rate cuts after the central bank reduced its benchmark rate to 14%.
South Africa Raises 2026 Maize Harvest Forecast
South Africa’s 2025/26 maize crop is expected to rise 4.5% to 17.4 million tonnes, according to the government’s Crop Estimates Committee. The forecast includes 9.49 million tonnes of white maize for human consumption and 7.91 million tonnes of yellow maize, mainly used for animal feed
Nigerian Refineries Get 80% of Crude From Local Producers
Nigerian refineries received about 116.9 million barrels of crude between January and July, with 79.4% supplied by local producers and 20.6% imported, NMDPRA data showed.
Domestic supply strengthened in the second quarter, although imports rose again in July, reflecting refiners’ continued need for different crude grades.
Meanwhile, Brent crude fell 3.37% to $88.80 a barrel on renewed hopes of US-Iran talks. Nigeria’s Bonny Light is scheduled to load about 319,516 barrels per day in October.
