Oil Prices Diverge as US-Iran Tensions Flare Amid Ceasefire Talks

West Texas Intermediate crude plunged 5.46% to $91.33/barrel Tuesday, while North Sea Brent rose 1.6% to $97.68, reflecting market uncertainty as Iranian negotiators arrived in Doha for ceasefire talks. The price divergence comes after oil briefly dropped below $100 Monday following signs Washington and Tehran might reach a deal to reopen the Strait of Hormuz. However, US Central Command confirmed new strikes on Iranian missile sites and boats attempting to lay mines, threatening the April 8 ceasefire agreement. Nigeria's oil-dependent economy faces potential volatility as market reactions continue to swing between diplomatic progress and military escalation. With Nigeria's 2024 budget benchmarked at $77.50/barrel, sustained prices above $90 could boost revenue but also increase fuel costs for consumers.

SOURCE: https://www.channelstv.com/2026/05/26/wti-crude-price-falls-over-5-despite-new-us-strikes-on-iran/