Global oil prices declined on Monday amid continued tension in the Middle East.
At the weekend, Iran and the United States were embroiled in a fresh trade war.
United States President Donald Trump announced plans to tighten economic sanctions on Iran and its allies under the proposed “Economic D Sanctions.”
In response, Iranian authorities vowed to retaliate against the proposed US economic sanctions.
The development led to a decline in vessel traffic in the Strait of Hormuz, further impacting the global energy market.
However, a market survey by DAILY POST showed that Brent crude and West Texas Intermediate (WTI) declined by 1.84 percent and 2.25 percent, respectively, to $92.65 and $85.17 per barrel, as of the time of filing this report on Monday.
Recall that Brent and WTI had risen above $94 and $87 per barrel, respectively, at the weekend, leading to an increase in domestic petroleum product prices.
At the weekend, the prices of Automotive Gas Oil (diesel) and Premium Motor Spirit (petrol) increased in Nigeria.
The price of diesel went up by N100 per litre. Thereafter, the price of petrol increased by N20 per litre.