Oil price plunged on Monday to $96 a barrel after Donald Trump, United States (US) president, said he would postpone any military strikes against Iranian power plants and energy infrastructure for five days.
Brent crude, global oil benchmark, dropped by 9.47 percent
to $96.33 per barrel.
US West Texas Intermediate dipped by 8.99 percent to $89.40
a barrel.
In a Truth Social post earlier today, Trump said the
decision to postpone the military strikes followed “very good and productive
conversations” between the United States and Iran.
Trump’s decision came a day after Iran warned it would
completely close the Strait of Hormuz if Trump carried out his threat to bomb
Tehran’s power plants.
The US president had issued the 48-hour ultimatum on
Saturday, which would have expired on Monday.
On March 12, the US approved a short-term authorisation
permitting the sale of Iranian oil currently stranded at sea.
Scott Bessent, US treasury secretary, said the permit
applies only to the sale of Iranian-origin crude oil and petroleum products
that are already loaded on vessels.
Petrol prices in Nigeria rose further to record levels on
Monday as the Middle East rages on.
On March 22, Mohammed Idris, minister of information, said
Nigeria was ready to support global stability, particularly in the energy
sector, amid ongoing geopolitical tensions in the Middle East.
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