Global crude oil prices declined on Wednesday, as investors reacted cautiously to ongoing geopolitical tensions in the Middle East.
Brent crude fell to about $84 per barrel, while West Texas Intermediate (WTI) dropped to around $78 per barrel, both down by nearly 1 percent.
The dip comes despite escalating conflict between the United States and Iran, which has continued to drive volatility in global oil markets. Analysts say prices are fluctuating as traders weigh supply risks against signs of stable output and inventory levels.
In Nigeria, movements in global oil prices are closely tied to domestic fuel costs. Recent changes in the downstream sector have added pressure, with depot owners raising ex-depot prices and the Dangote Refinery maintaining a gantry price of about ₦1,075 per litre.
However, retail fuel prices remained largely unchanged on Wednesday, selling between ₦1,155 and ₦1,205 per litre across major outlets.
