Oil prices started the week lower as investors reacted to growing hopes of renewed diplomatic talks between the United States and Iran. Brent crude fell to around $101.71 per barrel, while US West Texas Intermediate (WTI) slipped below the $100 mark as markets reassessed the risk of further disruption to global crude supplies.

At the opening of trading on Monday, September 21, WTI dropped by about $2.10 to $98.20 per barrel, while Brent declined by roughly 2.04%, or $2.12, to trade around $101.75. Both benchmarks moved toward their lowest levels since September 10, reversing some of the sharp gains recorded earlier in the month as tensions in the Middle East pushed supply concerns higher.

The latest decline came as investors monitored signs that Iran could be willing to return to negotiations with Washington. Iran’s Supreme National Security Council Secretary, Mohsen Rezaei, said Tehran had communicated its conditions through Qatari mediators and was awaiting a response from US President Donald Trump. The conditions reportedly include an end to the conflict, the release of frozen Iranian funds and the lifting of the US naval blockade, while Qatar and Pakistan continue diplomatic efforts.

For oil markets, the possibility of renewed negotiations could reduce some of the risk premium that has supported crude prices in recent weeks. However, uncertainty remains, with Trump maintaining pressure on Tehran while also indicating that he would be open to meeting Iranian President Masoud Pezeshkian during the United Nations General Assembly in New York. Investors are also watching the recovery of Saudi crude shipments and developments around major Middle Eastern shipping routes.

The impact of lower crude prices on Nigerian consumers remains uncertain, particularly as petrol prices have recently climbed above ₦1,400 per litre in several locations. Earlier checks showed petrol selling between ₦1,400 and ₦1,430 per litre in Lagos, while prices in Abuja ranged from ₦1,400 to ₦1,450. Nigeria’s energy inflation also rose to 4.69% in August from 4.40% in July, although the latest September fuel-price increases are not yet fully reflected in the official data.

source: nairmetrics