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.

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.

OPEC+ has approved an increase in oil output as exports through the Strait of Hormuz recover. Brent crude prices were reported at approximately $72 per barrel on Friday, a decline from recent highs exceeding $120, according to SABC Business.

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.

Oil prices climbed to six-week highs amid escalating military exchanges between the United States and Iran in the Strait of Hormuz, according to Al Jazeera. The strikes have disrupted maritime traffic through the waterway, a critical chokepoint for global oil shipments. The reported surge in prices reflects market concerns over potential supply interruptions, as a significant share of the world's crude oil passes through the strait. The situation remains fluid as tensions between Washington and Tehran intensify.

Despite a significant drop in crude oil prices to $73 per barrel, petrol prices in Nigeria continue to remain high, with consumers hoping for a reduction below N1,000 per litre.