Global prices of crude dropped significantly on Monday morning after United States President Donald Trump announced a deal with Iran.
Trump, in a statement on his Truth Social, had announced an end to hostilities in the Strait of Hormuz after securing a peace deal with Iran.
He thereafter ordered the immediate removal of the US military blockage at the Strait of Hormuz.
The global crude oil market responded quickly as prices dropped by almost 5 percent to $83.88 and $81.12 for Brent and West Texas Intermediate blends, respectively.
The latest crude price drop is among the lowest since the war escalation between the US, Israel, and Iran since February 28th, 2026.
The war in the Middle East had led to a global surge in energy prices.
Nigeria’s economy has been significantly impacted, with retail prices of Premium Motor spirit and Automotive Gas Oil almost doubling in the last three months.
DAILY POST reports that fuel price stood between N1,317 and N1,365 per liter in Abuja, while diesel was sold for around N1,900 per liter and above N2,000.