Akintunde Oyedokun
Research Analyst
Crude oil prices climbed about 7% on Tuesday as tensions between the United States-backed Israel and Iran widened, raising fears of disruptions to Middle East energy supply and shipping.
Benchmark Brent crude oil rose $5.70 to $83.44 per barrel after touching $85.12, while West Texas Intermediate crude oil gained $5.03 to $76.26. The rally was driven by risks to tanker movement through the Strait of Hormuz and shutdowns at some regional energy facilities.
South Korea’s Factory Activity Expands for Third Month on Chip Demand
Factory activity in South Korea expanded for the third straight month in February, with the manufacturing PMI at 51.1, supported mainly by strong semiconductor demand. Output rose at the fastest pace in about 18 months as new orders, input purchases, and order backlogs continued to grow, according to a survey by S&P Global. Export strength from semiconductor shipments remains the key driver of manufacturing momentum despite global trade uncertainties. The Bank of Korea has raised its 2025 growth forecast to 2%, citing the ongoing chip export boom.
Saudi Arabia’s Non-Oil Sector Growth Slows Slightly in February
Growth in Saudi Arabia’s non-oil private sector eased in February to a nine-month low as competition pressured expansion, though demand remained strong. The PMI from Riyad Bank slipped to 56.1 from 56.3 in January, staying well above the 50-point growth threshold. New orders held steady at 61.8, supported by solid domestic demand, rising output and faster employment growth. However, staff cost inflation hit a record high since 2009. Meanwhile, JPMorgan Chase & Co. trimmed its 2026 non-oil growth forecast for the Gulf region and Saudi Arabia due to uncertainty.
Ivory Coast Reaffirms Plan to Purchase 100,000 Tons of Cocoa at Guaranteed Price
Ivory Coast says it will continue buying 100,000 tons of cocoa at 2,800 CFA francs per kilogram to reassure farmers.
Around 23,000 tons have been bought so far, according to the Agricultural Interprofessional Organization for Cocoa, despite concerns over possible price cuts and delays at the Coffee and Cocoa Council.
Farmers in key producing regions have warned of protests if the programme is halted.
Nigeria’s Net FX Reserves Rise To $34.8bn On Reform Gains
Nigeria’s net foreign-exchange reserves climbed to $34.8 billion at the end of 2025, up from $23.11 billion a year earlier and $3.99 billion two years ago, Central Bank Governor Olayemi Cardoso said.
Gross reserves also increased to $45.71 billion, reflecting stronger forex inflows, improved reserve management and reforms aimed at stabilising the currency market. The CBN said it will sustain adequate buffers and keep foreign-exchange operations stable.
