Oil slumps 14% to $94.41 per barrel on US-Iran ceasefire

The price of Nigeria's Bonny Light crude dropped by 14.2% to $94.41 per barrel following the announcement of a two-week ceasefire by Donald Trump. Iran also indicated it would ensure the safe passage of oil tankers through the Strait of Hormuz, easing supply concerns. The United States lifted sanctions on Iranian and Russian oil exports, contributing to the price decline. However, the drop in oil prices may lead to a decrease in Nigerian government revenue.