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Oil prices fell by more than 5% on Monday as the US and Iran drew closer to a peace agreement. Brent crude traded at $95.10 per barrel, down around 5.1% from the previous close of $100.21.
Oil prices increased on Friday despite optimism over US-Iran talks, suggesting tensions in the region could ease, while markets continued to price in the risk of renewed escalation in the conflict.
Oil prices rose on Thursday as a sharper-than-expected decline in US crude inventories reinforced concerns over tightening supply. Meanwhile, ongoing negotiations between Washington and Tehran helped limit fears of broader escalation in the Middle East.
Oil prices declined on Tuesday after President Donald Trump announced that he postponed a military strike against Iran after direct appeals from the leaders of Qatar, Saudi Arabia, and the United Arab Emirates.
Oil prices rose on Monday as efforts to balance the global demand and supply equation continued to yield less favourable outcomes, with US President Donald Trump’s ‘clock is ticking’ warning to Iran.
Brent and US West Texas Intermediate light sweet crude oil prices saw strong weekly gains of about 10% on a week-on-week basis as renewed concerns over US-Iran tensions and possible disruptions to crude flows through the Strait of Hormuz kept geopolitical risks at the centre of market sentiment
Oil Tops $107 as U.S. Plans to Force Hormuz Reopening Oil prices climbed on Friday as reports of possible renewed…
Oil prices rose on Thursday as uncertainty surrounding the fragile ceasefire in the Middle East and concerns over potential supply disruptions continued to underpin the market.
The naira fell against the US dollar at the Nigerian Foreign Exchange Market (NFEM) window for the third consecutive trading session amid growing FX payments from eligible market participants.
Oil prices increased on Tuesday, with Brent topping $105 per barrel as the market reacted to a cease-fire on life support from the United States President, Donald Trump.