ABUJA, Nigeria – Global crude oil prices declined on Wednesday, with both the Brent and West Texas Intermediate (WTI) benchmarks falling by nearly one percent, despite continued geopolitical tensions in the Middle East.
Brent crude dropped 0.79 percent to $84.06 per barrel, while U.S. benchmark WTI also declined 0.79 percent to $78.71 per barrel, reflecting a cautious market after recent volatility driven by regional security concerns.
The latest decline comes a day after U.S. President Donald Trump said military strikes against Iran would continue, underscoring persistent geopolitical risks that have kept global energy markets on alert.
For Nigeria, fluctuations in international crude prices remain significant because they directly influence domestic fuel pricing and the broader downstream petroleum sector.
The development follows recent changes in Nigeria's fuel market, including the Dangote Refinery's decision to resume the sale of refined petroleum products at its gantry in U.S. dollars, marking a notable shift in the country's downstream oil industry.
Meanwhile, fuel depot operators on Tuesday raised ex-depot petrol prices amid continued uncertainty in the global oil market. Dangote Refinery's gantry price remained at ₦1,075 per litre, while retail petrol prices across the country held steady on Wednesday, ranging between ₦1,155 and ₦1,205 per litre.
Market analysts say the direction of global crude prices in the coming days will largely depend on geopolitical developments in the Middle East and their impact on oil supply and investor sentiment.
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