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Oil prices experienced a significant decrease on Monday after President Trump declared a five-day halt to US military actions against Iran following successful negotiations. This decision resulted in West Texas Intermediate and Brent crude futures both falling by approximately 8%.
Escalating tensions in the Strait of Hormuz are driving up Brent crude prices globally, but Nigeria is poised to benefit due to its growing domestic refining capacity, according to Eche Idoko, Publicity Secretary of the Crude Oil Refinery Owners Association of Nigeria (CORAN).
Oil prices experienced a rise for the third day in a row as fears mounted over potential military action by the United States against Iran, a significant player in oil production. Brent crude futures reached $69.34 per barrel by Thursday morning.
