Global crude oil prices dropped sharply on Monday after United States President Donald Trump said a fresh attack on Iran is “highly unlikely.” Trump made the remarks in a CNN interview ahead of a scheduled meeting with Qatar’s prime minister, who is mediating the regional conflict.
In the interview, Trump added that his decision “depends on whether or not they sign a very strong agreement,” indicating that any future U.S. action would be tied to the terms of a diplomatic settlement with Tehran.
A market survey by the Daily Post on Monday morning recorded that Brent crude fell 1.86 percent to $89.72 a barrel, while West Texas Intermediate (WTI) slipped 1.22 percent to $96.49 a barrel.
The decline in global oil prices could translate into lower domestic petroleum product costs, potentially providing relief for economies that import refined fuels, including Nigeria.
Despite benefiting from higher crude oil revenues linked to the Iran war, Nigeria’s internal fuel prices have remained elevated, with gasoline selling at N1,325 per litre in Abuja and N1,420 per litre in surrounding areas.
Nigeria, Africa’s largest oil producer, relies heavily on oil exports for foreign exchange earnings, so any sustained drop in international crude prices may affect both government revenue and consumer fuel costs.
<small>Source: Daily Post Nigeria — read the original story there.</small>