Oil Prices Rebound As Brent Gains 3.1%

Oil prices rose on Thursday, with Brent crude gaining 3.11% to $97.56 per barrel and US WTI climbing 1.96% to $89.85, recovering from a previous session loss of over 8%.

The rebound reflected uncertainty over the US-Iran conflict, with investors weighing prospects for renewed military action or a diplomatic resolution. Tensions around the Strait of Hormuz also supported prices.

BoE Raises Interest Rate to 4% Amid Inflation Risks

The Bank of England raised interest rates by 25 basis points to 4%, its first hike in over three years, warning that prolonged US-Iran tensions could trigger further increases.

The central bank expects inflation to peak at 4.8% in mid-2027, more than double its 2% target, as higher energy costs threaten household purchasing power.

Russia’s Economy Expands 1% in Q3 as Central Bank Sees Continued Growth

Russia’s GDP grew by 1% year-on-year in the third quarter, according to the central bank, which expects the economy to maintain growth through the end of 2026. The bank also noted that disruptions to Black Sea grain exports were helping to ease domestic inflation

Ethiopia Revises GDP Up 59% to $201 Billion

Ethiopia has revised its GDP upward by 59.2% to $201.42 billion after changing its national accounts base year to 2024/25 from 2015/16. The rebasing captures growth in digital finance, ride-hailing and solar energy, while improving debt ratios and potentially strengthening investor confidence.

Nigeria’s PMI Rises to 53.2 in October, Extends Expansion Streak

Nigeria’s private sector expanded for the fifth consecutive month in October 2026, with the Composite PMI rising to 53.2 points from 53.0 in September, according to the CBN.

Agriculture, Industry and Manufacturing recorded growth, while Services moderated. However, rising input and output prices continued to put pressure on businesses.