Exactly four months after tensions between the United States and Iran escalated, global crude oil prices have fallen back to levels seen before the conflict. Brent crude traded at $72.32 per barrel on Wednesday morning as shipping activity through the Strait of Hormuz continued to recover.
Brent crude, Nigeria’s benchmark grade, climbed above $100 per barrel in April at the height of the conflict, pushing petrol prices in Nigeria beyond N1,000 per litre. The temporary closure of the Strait of Hormuz by Iran, a key global route for oil and gas exports, disrupted energy supplies and drove crude prices sharply higher.
Oil prices, however, have declined steadily since the United States and Iran signed a Memorandum of Understanding (MoU) on June 17. The agreement established a 60-day framework for negotiations on Tehran’s nuclear programme and other measures to end hostilities.
Before the conflict began in early 2026, global crude oil
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