Global crude oil prices fell on Monday as continued tensions in the Middle East heightened uncertainty in the international energy market.
The decline followed renewed tensions between Iran and the United States over proposed economic sanctions. US President Donald Trump announced plans to tighten sanctions on Iran and its allies, prompting Iranian authorities to threaten retaliation.
The escalating tensions reportedly contributed to reduced vessel traffic through the Strait of Hormuz, a major route for global oil shipments, raising concerns over energy supplies.
Despite the geopolitical tensions, a market survey by DAILY POST showed that Brent crude fell by 1.84 percent to $92.65 per barrel, while West Texas Intermediate (WTI) dropped by 2.25 percent to $85.17 per barrel as of Monday.
The decline came after Brent and WTI had climbed above $94 and $87 per barrel respectively over the weekend.
The earlier rise in global crude prices also contributed to increases in domestic petroleum product prices in Nigeria.
Over the weekend, the price of Automotive Gas Oil (diesel) increased by N100 per litre, while Premium Motor Spirit (petrol) rose by N20 per litre.
The latest movement in crude prices is expected to continue attracting attention as investors monitor developments between Iran and the United States and their potential impact on global oil supplies.
