Bonny Light Crude Oil Price Drops 14.2% Amid Market Shift

Nigeria's Bonny Light crude oil price experienced a significant decline of 14.2%, dropping to $94.41 per barrel from a record high earlier in the week. This downturn is linked to a major shift in the global oil market, triggered by a ceasefire announcement from former U.S.

President Donald Trump. The price drop comes amid renewed optimism for stabilizing global oil supply, as tensions in the Strait of Hormuz appear to ease.

This critical global oil transit route had previously raised fears of supply disruptions, contributing to elevated crude prices in recent weeks. The global benchmark, Brent crude, also recorded a drop, falling to $94 per barrel from $100.

Reports indicate that the United States has lifted sanctions on Iranian and Russian oil exports, a move seen as part of efforts to stabilize prices following earlier spikes linked to shipment disruptions in the Strait of Hormuz.