Brent crude oil price dropped on Tuesday to $68.12 per barrel.
The product, which is a global oil benchmark, dropped by 3.40 percent from $71 a barrel on Monday.
Also, US West Texas Intermediate fell by 2.76 percent to 66.62 percent.
According to Reuters, the development follows Israel’s agreement to United States President Donald Trump’s proposal for a ceasefire with Iran, alleviating concerns over supply disruptions in the Middle East.
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On Tuesday, Trump said Iran and Israel agreed to a “total and complete” ceasefire.
“Officially, Iran will start the ceasefire and, upon the 12th hour, Israel will start the ceasefire and, upon the 24th hour, an official end to the 12-day war will be saluted by the world,” Trump wrote on Truth Social.
Iranian state TV news channel IRINN, however, said Trump “begged” for a ceasefire.
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Subsequently, Israel said it had entered into a bilateral ceasefire deal with Iran.
The ceasefire, however, has suffered setback after Israel launched new strikes at Iran, which it accused of breaking the peace agreement.
Iran, however, has denied the accusation.
With the new oil price, the global commodity’s value fell below Nigeria’s 2025 budget benchmark of $75 per barrel.
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The Nigerian Upstream Petroleum Regulatory Authority (NUPRC), on June 13, said the country’s oil production decreased to 1,452,941 barrels of oil per day (bpd) in May.
On June 16, the Organidation of Petroleum Exporting Countries (OPEC) said that despite a decline in production, Nigeria retained its position as Africa’s largest crude oil producer in May.
