Brent and West Texas Intermediate crude oil prices have both fallen sharply to levels below $80 a barrel, with market moves pointing to fresh uncertainty around Middle East shipping and US policy. By Tuesday evening, checks on crude pricing showed Brent down by roughly 5–6% to $78 per barrel and WTI easing by a similar margin to $75 per barrel.
Oil price slide follows US-Iran developments
The drop comes shortly after US President Donald Trump said a peace arrangement with Iran had been completed. Following that announcement, Trump also directed the withdrawal of US military forces from the Strait of Hormuz—an area widely regarded as critical to global energy flows.
- Brent fell to about $78 per barrel, down roughly 5–6% on Tuesday evening.
- WTI slid to about $75 per barrel, also down roughly 5–6% on Tuesday evening.
- The price movement was linked to the announcement that a US-Iran peace deal had been concluded.
- Trump then ordered the pullback of US troops from the Strait of Hormuz, a key chokepoint for world energy shipments.
Shipping activity after the US order
After the US instruction regarding a military blockage, reports indicated that Iranian vessels moved through the Strait of Hormuz. Specifically, five Iranian ships were said to have passed through the waterway following Trump’s directive.
- Five Iranian ships reportedly transited the Strait of Hormuz after the US order to withdraw military support and end a blockage.
Local fuel pricing responds, with attention on retail cuts
The immediate effect of the crude decline is now flowing into domestic fuel pricing expectations. The Dangote Refinery has already reduced its gantry petrol price by N75 per liter, a move that is likely to intensify pressure on marketers and retailers to further lower pump prices in the days ahead.
- Dangote Refinery cut its gantry petrol price by N75 per liter.
- The change has renewed calls in Nigeria for a larger retail fuel price reduction soon.
Attempts to reach industry officials fail
Efforts to contact key representatives of the Independent Petroleum Marketers Association—Abubakar Maigandi and Chinedu Ukadike—were unsuccessful at the time of reporting.
- Contact attempts for Abubakar Maigandi and Chinedu Ukadike were not successful as of the time the report was filed.
