Global crude oil prices dropped to about $90 per barrel on Tuesday, marking the first decline since the Middle East conflict began.
Brent crude fell by 8.45 per cent to $90 per barrel, while West Texas Intermediate (WTI) declined by 8.58 per cent to $86.77 per barrel.
The drop follows Monday’s surge when oil prices climbed above $100 per barrel — their highest level since July 2022.
Analysts say the cooling trend came after European ministers discussed releasing strategic oil reserves to stabilise the market.
It also followed remarks by Donald Trump suggesting the conflict in the Middle East could end soon, easing concerns about prolonged disruptions to global supply.
Trump, however, warned that “death, fire, and fury will rain upon them (Iran)” if the country blocked oil shipments through the Strait of Hormuz.
Responding on Tuesday, the Islamic Revolutionary Guards Corps (IRGC) said it would “determine the end of the war,” adding that Tehran would not allow “one litre of oil” to be exported from the region if U.S. and Israeli attacks continued.
The conflict involving the United States, Iran and Israel has pushed global oil prices higher, contributing to rising petrol prices in Nigeria.
In the latest adjustment, the Dangote Petroleum Refinery increased its ex-gantry price of petrol by N180 to N1,175 per litre.
Earlier, on March 9, the refinery’s chief executive officer, David Bird, said the facility remains exposed to global oil shocks because it purchases crude based on international benchmark prices.
