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Global oil prices dropped sharply after the United States, Israel, and Iran agreed to a temporary ceasefire, easing fears of prolonged supply disruption in the Middle East. Brent crude fell by about 13–15% to below $100 per barrel, marking one of the steepest declines in recent years after weeks of rising prices driven by the conflict. 
The decline was largely driven by expectations that the Strait of Hormuz — a key global oil shipping route handling about 20% of supply — could reopen, allowing normal flow of crude exports. During the conflict, restrictions and attacks in the region had severely disrupted supply chains, pushing fuel prices higher globally, including in Nigeria where petrol prices surged significantly before the ceasefire. 
Despite the drop, analysts caution that the situation remains fragile. The ceasefire is temporary, and ongoing tensions, partial reopening of shipping routes, and damage to energy infrastructure mean oil prices could remain volatile. While markets reacted positively, long-term stability will depend on whether the truce holds and full oil supply operations resume. 
