Akintunde Oyedokun
Research Analyst
Brent crude fell 3.3% to $101.32 per barrel on Tuesday, while US WTI dropped 2.2% to $94.30, as hopes of progress in US-Iran peace talks eased concerns over supply disruptions. President Donald Trump also announced plans to end US annual military aid to Israel by year-end.
Australia Raises Interest Rate to 18-Year High
Australia’s central bank raised its benchmark interest rate by 25 basis points to 4.85%, its fifth increase this year and the highest in 18 years. However, a narrow 6-3 vote suggests a possible pause in further hikes as inflation remains elevated and unemployment climbs to a five-year high of 4.7%.
US Job Openings Rise as Layoffs Hit 18-Month Low
US job openings increased by 333,000 to 7.52 million in September, while layoffs fell to 1.64 million, their lowest since March 2025. The Labour Department also reported an increase in workers quitting their jobs, signalling confidence in employment prospects.
The resilient labour market could sustain wage pressures and reinforce the Federal Reserve’s cautious approach to interest rate policy amid persistent inflation.
Diesel Drops By 1.20 Rand, As South Africa Cuts Fuel Prices
South Africa will reduce diesel prices by up to 1.20 rand per litre from November 4, while petrol prices will remain largely unchanged, following temporary fuel levy cuts introduced by the government to ease living costs. The tax relief will run until December 1, with smaller reductions extending into January. However, higher global oil prices and a weaker rand continue to put pressure on domestic fuel costs.
Nigeria’s Foreign Reserves Rise by $295m in October
Nigeria’s foreign reserves increased by $295.35 million in October to $55.22 billion, the slowest monthly growth in 2026, compared with a \(1.12 billion gain in September. Meanwhile, the naira weakened to N1,346/\) from N1,329.50/$ at the end of September.
