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Oil prices tumbled nearly 5% on Monday in early Asia trade after US President Donald Trump announced fresh negotiations with Iran to end the Middle East war and reopen the Strait of Hormuz.
Brent crude fell 4.69% to $83.81 per barrel, while West Texas Intermediate dropped 4.67% to $80.72. Trump said negotiations with Iran will begin on Monday after holding off on major strikes to pursue a deal.
The war, which began in late February, has caused oil prices to swing sharply as it effectively closed the vital waterway for global oil and gas supplies.
Key Points:
A potential reopening of the Strait of Hormuz could ease global oil supply constraints.
Lower oil prices may reduce fuel costs for Nigerians, easing transportation and production expenses.
The price drop reflects market optimism about a potential end to the Middle East conflict.
Iran is nearing a deal with Oman over a new route through the Strait of Hormuz.
The negotiations could reshape global energy markets if a peace deal is reached.
The outcome of the US-Iran talks will determine whether oil prices continue to fall or rebound — and could significantly impact Nigeria’s fuel prices and broader economy.
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