Global oil prices moved lower on Monday despite Goldman Sachs lifting its forecast for Brent crude at the end of the year.
Benchmark prices retreat
- Brent crude was trading at $108.90 a barrel at the time of reporting.
- West Texas Intermediate, or WTI, stood at $99.73 per barrel.
- Compared with levels above $113 for Brent and $103 for WTI over the weekend, the two contracts had fallen by 3.99% and 4.22%, respectively.
Gulf tensions drive market volatility
Crude markets have remained unsettled as events involving Iran, the United States and Israel unfold in the Gulf after months of conflict. Investor attention has focused particularly on risks surrounding the Strait of Hormuz, a crucial route for global petroleum shipments.
Against that backdrop, Goldman Sachs increased its December 2026 forecast for Brent to $105 per barrel, up from its earlier estimate of $90 a barrel.
Nigeria faces domestic fuel-price pressure
The Gulf conflict and resulting swings in international crude prices have had economic consequences for a number of countries, including Nigeria.
Retail petrol prices in Nigeria have also continued to vary in response to changes in the global oil market and the influence of Dangote Refinery, Africa’s biggest refining facility.
At filling stations in Abuja and nearby areas, motorists are currently paying between N1,370 and N1,429 per litre for petrol.
