Oil Drops Below $100 After Trump Delays Iran Strikes

Global oil prices fell sharply on Monday, slipping below $100 per barrel after United States President Donald Trump announced a delay in planned military action against Iranian energy infrastructure.

Brent crude declined by 9.47 per cent to $96.33 per barrel, while US West Texas Intermediate dropped 8.99 per cent to $89.40.

Trump said the decision to postpone the strikes for five days followed productive discussions between Washington and Tehran.

Oil Tops $100 as Iran Threatens to Block Strait of Hormuz — Oil Drops Below $100 After Trump Delays Iran Strikes. Credit: KGAN.

The move came after Iran warned it would shut down the Strait of Hormuz if the US went ahead with threats to target its power plants. The ultimatum, issued by Trump on Saturday, had been set to expire on Monday.

Earlier this month, the US approved a temporary measure allowing the sale of Iranian oil already stranded at sea.

Treasury Secretary Scott Bessent said the authorisation applies only to crude and petroleum products already loaded on vessels.

Meanwhile, petrol prices in Nigeria continued to rise on Monday amid ongoing tensions in the Middle East.

On March 22, Nigeria’s Information Minister, Mohammed Idris, said the country was prepared to support global stability, particularly in the energy sector, amid persisting geopolitical uncertainties.