Tuesday 20 October

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#StraitOfHormuz

  1. Spot gold fell about 3.5% on Monday to its lowest level since 5 August, Reuters reported, before edging up in Asia on Tuesday.
  2. The US 10-year Treasury yield hit about 5.24% on Monday, its highest since 2007, and rose to about 5.34% on Thursday, its highest since 2002.
  3. Higher US rates and a firm dollar can draw investors away from Nigeria, just as the CBN has cut its own rate to 23%.
Gist Reel

Money · 5 min read

Gold slumps 3.5% as US rate-hike fears grow: what it means for your money

A Monday sell-off pushed US bond yields to a 19-year high and gold to a seven-week low. With the Fed hiking and the CBN cutting, here is why Nigerian savers and spenders should pay attention.

Updated 18:03 WAT, 1 Oct 2026: The US 10-year Treasury yield climbed to about 5.34% on Thursday, its highest since 2002, while gold edged higher after softer US inflation data. Updated 18:22 WAT, 30 Sep 2026: US inflation figures published on Wednesday came in below forecasts, cutting the odds of another Federal Reserve rate hike in October. The gold price…

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  1. Abbas Araghchi received Washington's feedback on Iran's seven-day plan through Qatar on Tuesday night and presented it to Iran's cabinet on Wednesday; its contents have not been disclosed.
  2. US officials say Marco Rubio ordered Araghchi's delegation out of New York on Monday after the talks stalled; Iran says it left on schedule.
  3. Trump said on Wednesday the US would either "blow them up" or make a deal, while the order of steps remains the main sticking point.
Gist Reel

World · 5 min read

Iran gets US feedback on Hormuz plan as talks snag on who moves first

Abbas Araghchi received Washington's feedback on Iran's seven-day Hormuz plan through Qatar on Tuesday night, but the two sides still disagree on the order of steps. Oil eased as Gulf exports recovered, good news at the pump but a smaller windfall for Nigeria's budget.

Updated 10:01 WAT, 1 Oct 2026: Iran's cabinet has reviewed the US response without disclosing it, and US officials say Marco Rubio ordered Abbas Araghchi's delegation out of New York on Monday. Updated 08:57 WAT, 30 Sep 2026: Iran has received the US feedback through Qatar, and oil prices eased on Tuesday. This story has been updated. Iran US talks…

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  1. Iran's foreign minister unveiled the roadmap at the UN General Assembly on Friday
  2. Trump rejected it on Saturday but on Sunday said he expected more talks this week
  3. Brent crude settled at $104.32 a barrel on Friday
Gist Reel

World · 3 min read

Trump rejects Iran’s seven-day plan to reopen the Strait of Hormuz

Iran offered to reopen the vital oil route in return for sanctions relief and an end to the US naval blockade. Washington said no, for now.

Updated 10:03 WAT, 30 Sep 2026: Iran has received a US response to its seven-day plan through Qatari mediators, and President Masoud Pezeshkian's cabinet discussed it on Wednesday. Hopes of an early end to the nearly seven-month stand-off over the Strait of Hormuz dimmed at the weekend after US President Donald Trump rejected a peace roadmap put forward by Iran.…

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