International benchmark – Brent crude oil – price on Tuesday dipped to $90 per barrel amid shifting market sentiments as the Middle East hostilities between the U.S, Israel and Iran begin to subside.
Data from the global oil market indicated that Brent crude price dropped by 8.45% to settle at $90 per barrel, while America’s West Texas Intermediate benchmark plunged by 8.58% to exchange at $86.77 per barrel.
The sliding oil prices followed high-level talks among European ministers, who are exploring the option of tapping into strategic oil reserves to counteract the sharp upward swings that have characterized the global energy markets since the U.S-Israeli air strikes against Iran started over a week ago.
While the U.S President, Donald Trump, hinted that “the war in the Middle East may end soon” he, however, warned that “death, fire, and fury will reign upon them (Iran)” if they stopped the flow of oil within the Strait of Hormuz.
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Responding directly to President Trump’s remarks, including his view that the war in the Middle East may end soon, Iran’s Islamic Revolutionary Guards Corps declared they would determine the end of the war, insisting that Tehran would not allow “one litre of oil” to be exported from the region if US and Israeli attacks continued.
As has been witnessed over the past few days, the U.S-Israeli joint attacks on Iran had raised international crude oil costs higher, including increases in petrol prices across Nigeria.
Based on the surging crude oil prices at the global markets, Dangote Refinery has adjusted, its ex-gantry price of petrol to N1,175 per litre.
Justifying the oil price upward review, the company’s CEO, David Bird, had on Monday said the company had to adjust the price since it was not immune to global oil shocks as it sources crude oil for refining based on international benchmarks.
