Oil prices US-Iran strikes pause: Brent crude fell to $90 and WTI dropped below $84 after the US and Iran paused military strikes, easing supply fears as Nigeria watches for petrol price relief.

Global oil prices fell to $90 a barrel on Monday after the United States and Iran reportedly suspended their military strikes over the weekend, bringing a pause to two weeks of attacks that had already pushed petrol prices higher in Nigeria.

Brent crude, the global oil benchmark, dipped by 6.76 percent to $90.24 a barrel, while the US West Texas Intermediate tumbled by 6.04 percent to $83.92 a barrel.

US Envoy Confirms Pause, Says Diplomacy Needs ‘Space’

The disclosure came from Mike Waltz, the US ambassador to the United Nations, who told journalists on Sunday that President Donald Trump had decided to pause US attacks on Iran to allow more time for diplomacy. “He’s giving talks some space, he’s giving it a little bit of room,” Waltz said.

A senior Iranian official subsequently told Reuters on Sunday that Iran will halt its own attacks as long as the US does the same, tying the truce to reciprocal restraint from Washington.

Two Weeks Of Attacks Had Pushed Oil To $100 A Barrel

The pause follows a sharp rise in prices. On July 23, oil price hit $100 a barrel after reported attacks on vessels in the Red Sea.

The rising oil prices have led to an increase in petrol prices in Nigeria. On July 23, Dangote Petroleum Refinery increased its ex-gantry petrol price from N1,075 per litre to N1,215 per litre. The refinery also resumed the sale of petrol in naira.

On July 16, fuel importers planned an increase in the depot price of petrol from N1,230 per litre to N1,350 per litre.

Whether Monday’s price relief holds will depend on Iran’s stated condition — that its own halt in attacks lasts only as long as the US does the same.