Oil prices slide to $72 a barrel as Hormuz flows rise, hitting Nigeria's revenue

Oil prices dropped to around $72 per barrel on Thursday, slipping from about $120 earlier in the year and hitting their lowest level since the US‑Iran tensions flared in February. Brent crude for August delivery fell $1.06 to $72.68 a barrel, while U.S. WTI lost 76 cents to $69.58 a barrel. Prices had slipped from $76.75 on Tuesday to $73.50 on Wednesday after earlier spikes driven by fears that fighting could choke shipping through the Strait of Hormuz. Rising Middle‑East output and Iran’s plan to boost sales after a sanctions reprieve added downward pressure, and an initial U.S.–Iran accord last week reopened the strait, with Oman opening temporary routes and the IMO coordinating traffic. U.S. President Donald Trump claimed a record 19 million barrels exited Hormuz on Monday, linking the flow to cheaper oil and a safer world.

For Nigeria, Africa’s top oil exporter, the slide cuts into government dollar earnings, narrows the fiscal buffer and could slow the naira’s recovery if export revenues fall. At the pump, lower crude may eventually trim diesel and petrol prices, though the pace of pass‑through depends on pricing policy and logistics.

Will lower crude prices translate into noticeable savings at the pump, or will the naira feel the squeeze from weaker oil receipts? Watch pump prices and budget for any shifts in transport or generator costs.

SOURCE: https://www.channelstv.com/2026/06/25/oil-prices-crash-to-72-pre-war-level/