Oil Prices Plummet Amid US-Iran Conflict

Global oil prices have declined amid heightened tensions in the Middle East between Iran and the US. The situation escalated over the weekend when US President Donald Trump announced plans to tighten economic sanctions on Iran under the proposed 'Economic D Sanctions'. Iranian authorities vowed to retaliate against the sanctions.

The development has led to a decline in vessel traffic in the Strait of Hormuz, impacting the global energy market. Market data shows that Brent crude and West Texas Intermediate (WTI) prices have dropped by 1.84% and 2.25%, respectively, to $92.65 and $85.17 per barrel.

The price drop is significant, as it follows a weekend surge in oil prices. The increase had led to a rise in domestic petroleum product prices in Nigeria, with diesel prices increasing by N100 per litre and petrol prices rising by N20 per litre.