Crude Oil Prices Tumble as US–Iran Talks Progress, Could Ease Pump Prices in Nigeria

Global crude oil prices dropped from about $111 to $97.48 per barrel on renewed optimism over US–Iran diplomatic talks. Progress toward reopening the Strait of Hormuz lifted expectations of steadier supply and lower energy costs. This decline may translate into relief at the pump for petrol, diesel, and aviation fuel in Nigeria. Domestic refiners like the Dangote Petroleum Refinery could consider revising retail prices, though actual cuts will depend on exchange rates, landing costs, and logistics. Reports indicate the US and Iran are nearing a preliminary deal that includes a ceasefire extension and safe passage through the strategic waterway. Officials caution that details are still being negotiated, and any real impact on global markets will hinge on final agreement and domestic pricing decisions.

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