Nigerian oil slides below $95 after US-Iran ceasefire deal
Nigerian oil prices have fallen below $95 per barrel after the US and Iran agreed to a temporary ceasefire, easing fears of a prolonged disruption in oil shipments. The ceasefire allows for the reopening of the Strait of Hormuz, a vital route for global oil supply, and raises hopes for stabilizing global oil markets.
Nigerian crude oil fell below $95 per barrel after the US and Iran agreed to a ceasefire. The agreement allows Iran to reopen the Strait of Hormuz for two weeks. Brent crude and West Texas Intermediate also dropped by over 15%. The fall in prices reflects easing fears over a disruption in oil shipments. The US and Iran will negotiate a comprehensive deal to end the conflict. The ceasefire has raised hopes for stabilizing global oil markets.
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