Oil Prices Ease As Middle East Tensions Sustain Supply Fears

Oil prices fell on Tuesday as investors weighed peace talks against renewed Houthi attacks on Saudi Arabia and fears of further US-Israeli strikes on Iran.

Brent crude dropped 0.86% to $114.81 a barrel, while US WTI fell 0.77% to $100.98, with geopolitical risks keeping prices elevated.

South Korea’s Economy Grows 1% on AI Chip Boom

South Korea’s economy expanded 1.0% in the third quarter, beating forecasts as strong AI chip demand boosted exports and investment. Year-on-year growth reached 3.4%, while private consumption fell 0.2%.

Exports topped $800 billion in the first nine months, putting the country on track to hit $1 trillion this year, despite weak domestic demand.

Japan’s Inflation Hits Three-Year High, Raising Rate Hike Prospects

Japan’s underlying inflation accelerated to 3.2% in September, its highest since October 2023, up from 2.6% in August. Rising labour and shipping costs, alongside a weaker yen, added to price pressures.

The Bank of Japan is expected to hold rates at 1.25% this week but may signal further hikes.

DR Congo Suspends Mining Agency Chief Over Illegal Mining

The Democratic Republic of Congo has suspended mining agency chief Jean-Paul Kadiobo Kapongo for allegedly failing to stop illegal mining on licensed concessions in copper- and cobalt-rich provinces.

The suspension comes as rising metal prices attract informal miners, heightening tensions with industrial operators.

Tinubu Seeks $21.69bn External Borrowing Approval

President Bola Tinubu has asked the National Assembly to approve a $21.69 billion external borrowing plan for 2026–2027 to fund infrastructure, agriculture, healthcare, security and job creation.

He said the loans would help bridge Nigeria’s infrastructure funding gap and accelerate economic growth.