Global oil prices have stabilized around $75 as markets shift from concerns about potential supply shortages to worries about oversupply. Analysts caution that geopolitical risks may continue to keep oil prices elevated, particularly in light of ongoing developments related to a peace deal with Iran.

Oil prices fell sharply on Thursday, reaching their lowest levels since the onset of the US-Iran conflict, following an interim agreement between the United States and Iran that alleviated concerns over global crude supply. According to Reuters, Brent crude futures decreased by $1.53.

Analysts suggest that there may be relief in fuel prices as Brent crude oil prices have recently dropped significantly to approximately 73 dollars per barrel. This decline in oil prices could potentially lead to lower fuel costs for consumers.

Oil prices approached $100 a barrel, with traders and analysts warning of a renewed supply crunch, according to ThisDay Live. The surge is attributed to hostilities between the United States and Iran, which have exacerbated concerns over global oil supply. The report, filed by Emmanuel Addeh in Abuja, highlights growing anxiety in energy markets about potential disruptions, though the feed provides no further details on production figures, market reactions, or official responses from either country.

Oil prices have risen above $100 a barrel after reported attacks on vessels in the Strait of Hormuz, according to IOL. The feed says Iran has tightened its grip on the strategic waterway, targeted ships and expanded a prohibited zone as regional tensions escalate. The report links the price increase to disruption risks around one of the world’s most important oil transit routes.

Fuel prices have decreased, providing relief for motorists and paraffin users, attributed to lower global oil prices and a stronger rand against the US dollar, according to SABC Business.