Oil Prices Drop Below $91 Per Barrel as US, Iran Suspend Attacks
By Sabiu Abdullahi
Global oil prices declined sharply on Monday after the United States and Iran reportedly paused military attacks, easing concerns over supply disruptions that had pushed crude prices higher in recent weeks.
Brent crude, the international benchmark, fell by 6.76 per cent to $90.24 per barrel. US West Texas Intermediate (WTI) also recorded a 6.04 per cent decline, settling at $83.92 per barrel.
The drop followed reports that both countries had agreed to halt attacks over the weekend after nearly two weeks of hostilities.
Speaking to journalists on Sunday, the United States Ambassador to the United Nations, Mike Waltz, said President Donald Trump had decided to suspend US military action against Iran to create room for diplomatic engagement.
“He’s giving talks some space, he’s giving it a little bit of room,” Waltz said.
Reuters also reported that a senior Iranian official confirmed Tehran would stop its attacks as long as the United States maintains the ceasefire.
The latest decline comes days after Brent crude climbed to $100 per barrel on July 23 following reports of attacks on vessels in the Red Sea.
The earlier surge in crude prices triggered fresh increases in petrol prices across Nigeria.
On July 23, Dangote Petroleum Refinery raised its ex-gantry price of petrol from ₦1,075 per litre to ₦1,215 per litre. The refinery also resumed the sale of petrol in naira.
Earlier, on July 16, fuel importers had proposed an increase in the depot price of petrol from ₦1,230 per litre to ₦1,350 per litre.