Crude oil prices have dropped to $90 a barrel, marking the first decline since the Middle East war began.
Brent crude, the global benchmark, fell by 8.45% to $90, while US West Texas Intermediate dropped by 8.58% to $86.77 per barrel.
This comes after European countries discussed releasing oil reserves to tame price upswings, and US President Donald Trump suggested the war may end soon.
Trump’s remarks helped reduce fears of extended disruptions to global oil supply, but Iran’s Islamic Revolutionary Guards Corps (IRGC) responded, saying they would “determine the end of the war” and not allow oil exports from the region if US and Israeli attacks continue.
The price drop is a welcome relief for Nigeria, where petrol prices had risen due to the global oil shock. The Dangote Petroleum Refinery increased its ex-gantry price of petrol by N180 to N1,175 per litre.
