Oil prices continued their downward trend on Monday following the signing of a ceasefire agreement between the United States and Iran to end hostilities in the Middle East and reopen the Strait of Hormuz.
According to Oilprice.com, Brent crude, the global benchmark, dropped from $87 per barrel on Sunday to $83 per barrel on Monday. The US and Iran said they reached an agreement on Sunday to end the war, a development that further pushed down oil prices.
The PUNCH reported on Monday that petrol could drop to as low as N900 per litre in the coming days if the peace deal between the United States and Iran materialised.
With US President Donald Trump announcing the signing of the peace deal and a partial reopening of the Strait of Hormuz, oil prices fell further, fuelling speculation of an imminent fuel price reduction in the coming days should the crisis fully de-escalate.
Recall that crude oil, which traded at over $120 per barrel in April, had already fallen to about $87 per barrel as of Sunday and further declined to $83 on Monday.
