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

<div class&equals;"wp-block-wptelegram-widget-join-channel aligncenter">&NewLine;&Tab;<a href&equals;"https&colon;&sol;&sol;t&period;me&sol;nairavoice" class&equals;"components-button join-link is-large has-text has-icon" target&equals;"&lowbar;self" rel&equals;"noopener noreferrer">&NewLine;&Tab;&Tab;<svg width&equals;"19px" height&equals;"16px" viewBox&equals;"0 0 19 16" role&equals;"img" aria-hidden&equals;"true" focusable&equals;"false">&NewLine;&Tab;&Tab;&Tab;<g>&NewLine;&Tab;&Tab;&Tab;&Tab;<path d&equals;"M0&period;465&comma;6&period;638 L17&period;511&comma;0&period;073 C18&period;078&comma;-0&period;145 18&period;714&comma;0&period;137 18&period;932&comma;0&period;704 C19&period;009&comma;0&period;903 19&period;026&comma;1&period;121 18&period;981&comma;1&period;33 L16&period;042&comma;15&period;001 C15&period;896&comma;15&period;679 15&period;228&comma;16&period;111 14&period;549&comma;15&period;965 C14&period;375&comma;15&period;928 14&period;211&comma;15&period;854 14&period;068&comma;15&period;748 L8&period;223&comma;11&period;443 C7&period;874&comma;11&period;185 7&period;799&comma;10&period;694 8&period;057&comma;10&period;345 C8&period;082&comma;10&period;311 8&period;109&comma;10&period;279 8&period;139&comma;10&period;249 L14&period;191&comma;4&period;322 C14&period;315&comma;4&period;201 14&period;317&comma;4&period;002 14&period;195&comma;3&period;878 C14&period;091&comma;3&period;771 13&period;926&comma;3&period;753 13&period;8&comma;3&period;834 L5&period;602&comma;9&period;138 C5&period;112&comma;9&period;456 4&period;502&comma;9&period;528 3&period;952&comma;9&period;333 L0&period;486&comma;8&period;112 C0&period;077&comma;7&period;967 -0&period;138&comma;7&period;519 0&period;007&comma;7&period;11 C0&period;083&comma;6&period;893 0&period;25&comma;6&period;721 0&period;465&comma;6&period;638 Z" ><&sol;path>&NewLine;&Tab;&Tab;&Tab;<&sol;g>&NewLine;&Tab;&Tab;<&sol;svg>&NewLine;&Tab;&Tab;Join Nairavoice On Telegram&Tab;<&sol;a>&NewLine;<&sol;div>&NewLine;<p>Global prices of crude dropped significantly on Monday morning after United States President Donald Trump announced a deal with Iran&period; <&sol;p>&NewLine;<p>Trump&comma; in a statement on his Truth Social&comma; had announced an end to hostilities in the Strait of Hormuz after securing a peace deal with Iran&period; <&sol;p>&NewLine;<p>He thereafter ordered the immediate removal of the US military blockage at the Strait of Hormuz&period; <&sol;p>&NewLine;<p>The global crude oil market responded quickly as prices dropped by almost 5 percent to &dollar;83&period;88 and &dollar;81&period;12 for Brent and West Texas Intermediate blends&comma; respectively&period; <&sol;p>&NewLine;<p>The latest crude price drop is among the lowest since the war escalation between the US&comma; Israel&comma; and Iran since February 28th&comma; 2026&period; <&sol;p>&NewLine;<p>The war in the Middle East had led to a global surge in energy prices&period; <&sol;p>&NewLine;<p>Nigeria&&num;8217&semi;s economy has been significantly impacted&comma; with retail prices of Premium Motor spirit and Automotive Gas Oil almost doubling in the last three months&period; <&sol;p>&NewLine;<p>DAILY POST reports that fuel price stood between N1&comma;317 and N1&comma;365 per liter in Abuja&comma; while diesel was sold for around N1&comma;900 per liter and above N2&comma;000&period; <&sol;p>&NewLine;