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.

Global oil prices have decreased to levels not seen since before the US-Iran war, leading to expectations for lower petrol prices, according to Daily Trust. Despite this drop, fuel prices in Nigeria continue to exceed N1,000, raising concerns about the slow transmission of global market changes to local consumers and businesses.

Seven OPEC+ members have decided to raise oil production quotas once more as the situation in the Middle East stabilizes following recent conflicts. This decision comes amidst ongoing challenges faced by Gulf countries due to the war in the region, according to Vanguard.

Seven countries within the OPEC+ alliance have agreed to modestly increase their oil production next month, responding to a decline in fuel prices that have reached levels not seen since before the conflict between the U.S. and Israel and Iran. This decision was announced on Sunday, aiming to bring more oil to the market.

According to Al Jazeera, ships have resumed movement through the Strait of Hormuz, leading to a decrease in oil prices. However, it may take longer for consumers to experience relief from the effects of the crisis.