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Brent crude slid 5.2% to about $92 a barrel on Monday as a pause in tit-for-tat strikes between the US and Iran boosted hopes for a return to ceasefire and negotiations on reopening the Strait of Hormuz, a vital global energy corridor.
After 13 days of attacks, the US held fire over the weekend, with Trump’s UN envoy saying the president was “giving talks some space.” Tehran also said it would stop retaliatory attacks on regional neighbours. Crude prices had soared above $100 last week on the flare-up. Iran claimed progress in talks with Oman on management of the Strait of Hormuz, while Pakistan was reportedly looking at resuming US-Iran peace talks. Both main oil contracts sank, with Brent briefly dropping below $90.
Key Points:
Brent crude fell 5.2% to $92 a barrel amid a US-Iran pause in strikes.
The US held fire over the weekend, with Trump “giving talks some space.”
Iran also said it would stop retaliatory attacks on regional neighbours.
Iran claimed progress in talks with Oman on Strait of Hormuz management.
Pakistan is reportedly looking at resuming US-Iran peace talks.
Any renewed escalation could quickly reverse the gains. For Nigeria, lower oil prices may ease pressure on petrol import costs but also reduce government revenue, highlighting the complex balance facing the oil-dependent economy.
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