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Oil Retreats To $103 As Trump Rules Out Iran Attack Before US Elections
Oil Retreats To $103 As Trump Rules Out Iran Attack Before US Elections
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Brent fell 0.9% to $103.36 a barrel in Friday’s early trading.
Trump said the US would not attack Iran before the November 3 elections.
Washington nevertheless imposed fresh sanctions on 17 vessels linked to Iranian oil.
Channel
Lower crude prices alone do not guarantee cheaper petrol in Nigeria.
October 09, () – Oil prices fell on Friday, October 9, after US President, Donald Trump, ruled out an attack on Iran before next month’s congressional elections, easing immediate fears of further supply disruption.
Brent crude futures dropped 92 cents, or 0.9%, to $103.36 a barrel, while US West Texas Intermediate fell 75 cents, or 0.8%, to $90.74 by 7.32 am WAT, according to Reuters. These were intraday prices.
Talks Continue Alongside Sanctions
A representation of crude oil Photocredit ETEenergyworld
“We are having productive discussions with the Islamic Republic of Iran”, Trump wrote on Thursday.
He said Washington would not launch an attack before the November 3 midterm elections. His statement gave a timeframe for avoiding military action but did not announce a peace agreement or the reopening of the Strait of Hormuz.
Economic pressure continued alongside the diplomatic overtures. On October 8, the US Treasury announced sanctions against 17 vessels it accused of transporting Iranian crude, petroleum and petrochemical products to markets in South and East Asia.
Treasury described the vessels as part of Iran’s shadow fleet, the network used to move oil despite sanctions. The announcement demonstrates that talks have not brought an end to Washington’s campaign against Iranian petroleum exports.
Consequently, Friday’s price retreat reflects an easing of immediate concerns rather than confirmation that disrupted supplies are returning to normal.
Nigeria’s Fuel Bill Depends On More Than Brent
A retail petrol filling station operating in Nigeria Source Afolabi Sotunde Reuters
For Nigeria, a sustained decline in crude prices would have competing effects. It could reduce the cost of feedstock for refineries while lowering the dollar value of crude exports, assuming production and sales volumes remained unchanged.
However, motorists buy refined petrol, whose price includes costs beyond the crude used to make it. Refining, distribution and retail expenses also contribute to the final bill, as the US Energy Information Administration explains in its breakdown of fuel pricing. Its figures concern the American market, but the separate stages of production and delivery help explain why crude and pump prices do not move in lockstep.
For Nigerian buyers, exchange rates add another variable. A fall in dollar-denominated oil prices can be partly offset if the naira weakens. Existing inventories and the timing of new purchases can also delay changes in wholesale and retail prices.
Friday’s Brent quote therefore provides no basis for calculating a matching percentage reduction at Nigerian filling stations. No domestic pump-price cut attributable to this morning’s decline has been verified for this report.
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