Oil Prices Crash by Over $7 Per Barrel as Brent Drops Below $80 Amid Global Easing Tensions

Global oil markets experienced a sharp downturn this week as crude prices fell by more than $7 per barrel, marking one of the steepest short-term declines in recent months. The drop reflects easing geopolitical tensions and renewed expectations of improved global oil supply stability.

International benchmark Brent crude, which had traded at $87.33 per barrel last Friday, slid significantly to $79.88 per barrel. Similarly, West Texas Intermediate (WTI) dropped from $84.88 to $76.93 per barrel over the same period, signaling broad-based weakness across global energy markets.

Market analysts note that both contracts briefly extended losses earlier in the week, with Brent and WTI touching lower intraday levels before stabilizing. The decline is largely tied to improving sentiment around potential de-escalation in the Middle East, particularly hopes of reduced tensions affecting the Strait of Hormuz, a critical global oil transit route.

In a related development, Nigeria’s Dangote Refinery announced a reduction in its fuel gantry price by N75 per litre, bringing the price down from N1,250 to N1,175 per litre. The adjustment, which took effect from midnight on June 16, 2026, was communicated to fuel marketers in an official circular.

The refinery attributed the price cut to the recent decline in global energy prices following geopolitical easing in the Middle East. The move is expected to influence downstream fuel pricing dynamics in Nigeria, potentially offering some relief to marketers and consumers in the coming days.

source: newtelegraph