Oil prices fell on Monday even as geopolitical strains persisted in the Middle East. Over the weekend, Iran and the United States entered a new confrontation over trade and economic policy, after President Donald Trump said Washington planned to expand sanctions against Iran and countries supporting it under the proposed “Economic D Sanctions” framework.
Iranian officials responded by promising countermeasures against the planned US restrictions. The dispute was followed by reduced shipping activity through the Strait of Hormuz, a key route for global energy supplies, adding pressure to international oil markets.
By Monday, Brent crude had dropped 1.84% to $92.65 a barrel, while West Texas Intermediate (WTI) was down 2.25% at $85.17. Both benchmarks had climbed above $94 and $87 per barrel respectively during the weekend, a move that contributed to higher prices for petroleum products in Nigeria. Nigerian consumers subsequently saw diesel, or Automotive Gas Oil, rise by N100 per litre, followed by a N20-per-litre increase in Premium Motor Spirit, commonly known as petrol.
