Oil markets fell sharply on Monday morning after U.S. President Donald Trump said he had reached an agreement with Iran, easing tensions around a key shipping corridor. Trump said on his Truth Social account that hostilities in the Strait of Hormuz would end following a peace arrangement with Iran, and he directed the immediate removal of a U.S. military blockade in the strait.
The response was swift in global crude pricing. Brent slid to $83.88, while West Texas Intermediate fell to $81.12, with both benchmarks down by nearly 5% as traders recalibrated risk in Middle East supply routes. The magnitude of the latest decline is among the smallest readings since the escalation of conflict involving the United States, Israel, and Iran began on February 28, 2026.
Those heightened hostilities had previously triggered a broad rise in energy costs worldwide. In Nigeria, the effects have been especially visible, with the cost of Premium Motor spirit and Automotive Gas Oil nearly doubling over the past three months.
Fuel pricing in the country has been reported as ranging from N1,317 to N1,365 per liter in Abuja for petrol, while diesel has been sold at roughly N1,900 per liter and in some cases above N2,000.
