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With investor sentiment remaining in doubt, crude oil prices climbed again after a sharp daily slowdown, reflecting persistent uncertainties about the supply outlook.

Crude oil prices plunged on Wednesday, with Brent crude falling by about 10% as reports of a potential agreement between the US and Iran raised expectations of easing geopolitical tensions.

Oil prices declined on Wednesday amid growing optimism over a final agreement between the US and Iran. Brent crude traded at $108.66 per barrel, down around 1.16% from the previous close of $109.87.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has allocated 61.9 million barrels of crude oil to domestic refineries in the First Quarter (Q1) 2026, against 68.7 million barrels offered by producers.

Crude oil prices edged higher during trading hours on Tuesday as rising US-Iran tensions in the Strait of Hormuz fueled market uncertainty.

Oil prices increased on Monday amid rising tensions in the Strait of Hormuz. The United States has indicated its support for commercial shipping in the area, while Iran has warned that it will target any American intervention.

The global oil market saw another double-digit price surge week on week amid worsening energy crisis conditions. Prices spiked amidst efforts to resolve the Iran war, with Tehran continuing to block the Strait of Hormuz.

Oil prices climbed Thursday as escalating tensions and a prolonged deadlock between the US and Iran fueled expectations of continued supply disruptions and tighter global markets.

Oil prices soared following reports that the US is preparing for an extended blockade of Iran. US crude rose 7.6% to $107.52 a barrel on Wednesday, and Brent rose to $ 119.54 per barrel, up 7.44%.

Reflecting an uncertain outlook, oil prices rose on Wednesday, driven by expectations that ongoing uncertainty in the Strait of Hormuz could further tighten global supply.