#oil prices

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.

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.

On June 24, President Donald Trump expressed approval of Iran's compliance with U.S. demands during a closed-door meeting with Senate Republicans. He noted that recent progress in negotiations with Tehran has contributed to easing tensions and has had a positive impact on oil prices. Trump's comments come after months of discussions between the two nations.

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.

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 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.