Oil prices dip below $100 as US-Iran talks raise hopes of de-escalation

Oil prices fell on Wednesday after President Donald Trump said US and Iranian representatives held 'very good' and 'very productive' talks at the United Nations, with another meeting scheduled soon. International benchmark Brent crude dropped to $98.41 per barrel and West Texas Intermediate to $89.23, both below the symbolic $100 mark that had been repeatedly breached since the Middle East war began in February.

For Nigeria, a major oil exporter, lower crude prices could reduce government revenue and affect budget planning, while potentially easing pressure on domestic fuel prices if savings are passed on to consumers. The price dip came as Saudi Arabia reportedly restarted operations on its East-West Pipeline, aiming to resume exports later this week, though Asian refiners may get crude from Yanbu while European counterparts face no October allocations.

Markets reacted broadly: Hong Kong’s Hang Seng slipped 1%, Shanghai fell 0.4%, Tokyo was closed for a holiday, London’s FTSE rose 0.3%, and currency shifts showed the dollar/yen up and euro/down. Traders also look ahead to a Thursday summit between Trump and China’s President Xi Jinping, expected to focus on trade and Middle East war leverage.

Will Nigerians see lower pump prices soon if crude costs stay down, or will authorities keep fuel rates stable to protect oil revenue and fiscal stability?

SOURCE: https://www.channelstv.com/2026/09/23/oil-prices-fall-after-trump-hails-good-talks-with-iran/