Oil Prices Drop Amid Easing Middle East Tensions

Oil prices experienced a decline as tensions in the Middle East eased, with Brent crude futures dropping by 3.20% to $94.61 per barrel and U.S. West Texas Intermediate crude falling by 3.71% to $92.31 per barrel.

This decrease followed hopes for a wider ceasefire agreement that could lead to the reopening of the Strait of Hormuz. Reports indicated that Iran had made an agreement to end hostilities with Israel and Hezbollah, a group aligned with Iran in Lebanon.

Additionally, the U.S. Republican-led House of Representatives approved a resolution aimed at blocking former President Donald Trump's continued military action against Iran, although this measure requires Senate approval.

In related developments, Alexandr Novak, Russia's Deputy Prime Minister, acknowledged a decline in Russian oil production due to unplanned refinery maintenance. Meanwhile, the Nigerian National Petroleum Company reported a record 70% rise in revenue profit, while Dangote Refinery benefited from high fuel exports amidst rising fuel prices.