Oil Prices Plunge as US-Iran Peace Talks Advance
Oil prices tumbled after reports that Washington sent a peace plan to Iran, with Tehran agreeing to allow non-hostile vessels through the Strait of Hormuz. Brent crude fell below $100/barrel, down 3.8% at $100.54, while West Texas Intermediate dropped 3.1% to $89.46. The economic impact is already being felt globally, with Vietnam doubling diesel prices to ₦1.50/liter and France cutting growth forecasts. Nigeria's ₦617/liter fuel price could fall if the conflict de-escalates, though analysts warn troop deployments suggest escalation remains possible. Will this reduce Nigeria's fuel costs or trigger inflation elsewhere?