It appears there is light at the end of the tunnel for the global economy as crude oil prices slumps following the brokering of truce between the United States and Iran.
Futures on Brent crude (BZ=F), the international pricing benchmark, fell 11% to trade below $89 per barrel, while those on US benchmark West Texas Intermediate (WTI) crude (CL=F) fell by 11.1% to trade at $81. Both products opened the week above $100.
After several weeks of intense war, Iran’s foreign minister said the Strait of Hormuz was fully open to commercial traffic.
U.S. President Donald Trump have said that the Iranian government had agreed to indefinitely suspend its nuclear program, a lingering contentious issue that has created a war of attrition and belligerence.
“In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire,” Iranian foreign minister Abbas Araghchi wrote in a post on X. He added that vessels will be allowed to use the “coordinated route as already announced” by the regime.
Nigeria, Africa’s largest economy, has been at the receiving end of the Middle East crisis as Jet A1 fuel (Aviation fuel) and price of petrol at the pump have skyrocketed, exacerbating the already anemic position of the impecunious consumers.
 Follow the MoneyCentral Nigeria channel on WhatsApp: Click here!
