Oil price drops to $90 per barrel as US, Iran suspend attacks
Oil prices dropped on Monday, with Brent crude, the global benchmark, falling 6.76 percent to $90.24 per barrel, while US West Texas Intermediate dropped 6.04 percent to $83.92 per barrel.
On Sunday, Mike Waltz, the US ambassador to the United Nations, told journalists that President Donald Trump had decided to suspend US attacks on Iran to create more room for diplomatic efforts.
“He’s giving talks some space, he’s giving it a little bit of room,” Waltz said.
Following the announcement, a senior Iranian official told Reuters on Sunday that Tehran would also stop its attacks provided the US maintains the pause.
On July 23, oil prices climbed to $100 per barrel after reports of attacks on vessels operating in the Red Sea.
The surge in global oil prices has pushed up the cost of petrol in Nigeria.
On July 23, Dangote Petroleum Refinery raised its ex-gantry petrol price from ₦1,075 per litre to ₦1,215 per litre.
The refinery also restarted the sale of petrol in naira.
Earlier, on July 16, fuel importers proposed increasing the depot price of petrol from ₦1,230 per litre to ₦1,350 per litre.
