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.

Dangote Refinery has announced a reduction in the price of Premium Motor Spirit (PMS) by N200 per litre within a month, indicating that the refinery has absorbed the recent surge in global oil prices. This marks another instance of price cuts from the refinery, suggesting a trend towards further moderation in fuel prices, according to Premium Times Business.

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.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has granted new fuel import permits to seven major oil marketers amid rising concerns about domestic fuel supply levels. This approval is part of a fresh round of permits for the third quarter of 2026, aimed at ensuring adequate fuel availability in the country, according to Vanguard Business.

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.