By Monsurat Abisoye
Global crude oil prices declined sharply on Monday following an announcement by United States President Donald Trump that a peace agreement had been reached with Iran, bringing an end to hostilities around the Strait of Hormuz.
In a statement shared on his Truth Social platform, Trump said the US had secured a deal with Iran and ordered the immediate removal of the American military blockade at the strategic waterway.
The oil market reacted swiftly to the development, with Brent crude falling by nearly five per cent to $83.88 per barrel, while West Texas Intermediate (WTI) dropped to $81.12 per barrel.
The latest decline represents one of the lowest crude price levels recorded since tensions between the US, Israel, and Iran escalated on 28 February 2026. The conflict had previously triggered a surge in global energy prices.
Nigeria has been among the countries affected by the spike in oil-related costs, with the retail prices of Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel) almost doubling over the past three months.
According to market observations, petrol was selling for between N1,317 and N1,365 per litre in Abuja, while diesel prices ranged from about N1,900 per litre to above N2,000 per litre.