Oil Prices Decline As US-Iran Tensions Ease

Oil prices fell on Friday as hopes of progress in US-Iran talks eased supply concerns. Brent crude dropped 1.1% to $103.18 per barrel, while US WTI declined 0.5% to $91.00.

Prices also weakened as China prepared to resume refined fuel exports. However, supply risks remain around the Strait of Hormuz, while Hurricane Isaias has shut in about 1.3 million barrels per day of oil production in the Gulf of Mexico.

Canada Loses 68,300 Jobs as Unemployment Hits 6.5%

Canada lost 68,300 jobs in September, against expectations of job growth, pushing unemployment to 6.5% from 6.4%. The decline wiped out employment gains recorded earlier in the year. The weak data reduced expectations of an October rate hike by the Bank of Canada. Meanwhile, the Canadian dollar fell 0.44% to C$1.4287 per US dollar, while two-year bond yields declined to 2.410%.

Malaysia Proposes $112.5 Billion Budget, Raises Minimum Wage

Malaysia has proposed a 459.8 billion ringgit ($112.48 billion) budget for 2027, raising the monthly minimum wage to 2,000 ringgit from 1,700 ringgit and increasing tax relief to support households and small businesses.

The economy is projected to grow by 4.2% to 5.2% in 2027, while the fiscal deficit is expected to decline to 3.3% of GDP from 3.6% in 2026, despite rising energy costs.

Kenya Approves $350 Million for Kenya Airways

Kenya’s cabinet has approved $350 million in funding for loss-making Kenya Airways to meet urgent financial obligations. It also endorsed a plan to restructure 122 billion shillings ($941 million) in government loans into an equity-eligible instrument, with repayment terms of up to 10 years.

Nigeria’s NUPRC Targets 788,000bpd Oil Output Recovery

The NUPRC plans to restore over 788,000 barrels per day of shut-in production across 63 operators to boost Nigeria’s crude oil output. The commission also targets $30 billion to $50 billion in offshore investments as Nigeria pursues its goal of producing three million barrels daily by 2030.