Global crude oil prices fell on Tuesday for the first time since the escalation of the Iran-United States-Israel war on February 28, 2026.
Checks by Nigerian Newssphere showed that the Brent and West Texas Intermediate (WTI) crude benchmarks declined to $91.11 and $86.93 per barrel, respectively, after previously trading close to $100 per barrel.
The drop followed remarks by the President of the United States, Donald Trump, who suggested that the ongoing conflict with Iran could soon come to an end.
Speaking in an interview with CBN News on Monday, Trump said, “I think the war is very complete, pretty much,” adding that the United States was “very far ahead of schedule.”
His comments triggered a swift reaction in the oil market, with WTI crude slipping below $90 per barrel on Monday.
The decline follows nearly ten days of rising crude prices, which had surged from around $67 per barrel amid the conflict involving Iran, the United States, and Israel.
The escalation had disrupted activities around the strategic Strait of Hormuz shipping route and led to the shutdown of some refineries in Saudi Arabia and Qatar, contributing to the earlier spike in global oil prices.
As a ripple effect of the global crude oil price surge, Dangote Refinery hiked its petrol price at least three times, leading to a massive retail price rise for Nigerians.
