Global crude oil prices drop significantly after Trump announces US-Iran peace deal 

Global prices of crude dropped importantly on Monday morning aft United States President Donald Trump announced a woody with Iran. 

Trump, successful a connection connected his Truth Social, had announced an extremity to hostilities successful the Strait of Hormuz aft securing a bid woody with Iran. 

He thereafter ordered the contiguous removal of the US subject blockage astatine the Strait of Hormuz. 

The planetary crude lipid marketplace responded rapidly arsenic prices dropped by astir 5 percent to $83.88 and $81.12 for Brent and West Texas Intermediate blends, respectively. 

The latest crude terms driblet is among the lowest since the warfare escalation betwixt the US, Israel, and Iran since February 28th, 2026. 

The warfare successful the Middle East had led to a planetary surge successful vigor prices. 

Nigeria’s system has been importantly impacted, with retail prices of Premium Motor tone and Automotive Gas Oil astir doubling successful the past 3 months. 

DAILY POST reports that substance terms stood betwixt N1,317 and N1,365 per liter successful Abuja, portion diesel was sold for astir N1,900 per liter and abov...