Global crude oil prices fall sharply after Trump announces US‑Iran peace deal

Global crude prices fell sharply on Monday morning after President Donald Trump announced a peace agreement with Iran.

In a statement posted to his Truth Social account, Trump said hostilities in the Strait of Hormuz would end following the deal. He also ordered the immediate removal of the U.S. military blockade in the strait.

The announcement prompted a swift market reaction, with Brent crude dropping nearly 5 percent to $83.88 and West Texas Intermediate falling to $81.12.

This decline marks one of the lowest crude prices since the escalation of tensions among the United States, Israel, and Iran on 28 February 2026.

The conflict had previously driven a global increase in energy prices.

Nigeria’s economy has felt the impact, as retail prices for Premium Motor Spirit and Automotive Gas Oil have nearly doubled over the past three months.

According to DAILY POST, fuel prices in Abuja ranged from N1,317 to N1,365 per liter, while diesel sold for about N1,900 per liter and above N2,000.