Global crude oil prices fell on Monday as investors responded to renewed hopes of diplomatic engagement between the United States and Iran. Brent crude declined to about $101.71 per barrel, while US West Texas Intermediate, also known as WTI, dropped below the $100 mark as markets watched developments between Washington and Tehran.
Checks by Nairametrics on Monday, September 21, showed that WTI crude lost about $2.10 at the opening of trading to reach $98.20 per barrel. Brent crude also fell by 2.04%, representing a decline of $2.12, to trade at $101.75 per barrel. The decline pushed both major crude benchmarks towards levels last recorded more than a week earlier. Brent and WTI also touched their lowest levels since September 10 during Monday’s trading session. The movement came as investors considered the possibility of renewed diplomatic talks between the United States and Iran around the United Nations General Assembly in New York.
Markets were also watching the recovery in Saudi Arabia’s crude shipments, even as attacks continue in parts of the region. The latest decline followed indications that Iran had given mediators conditions that could allow it to return to negotiations with the United States. Iran’s Supreme National Security Council Secretary, Mohsen Rezaei, told Al Jazeera that Tehran had formally sent its conditions to Washington through Qatari mediators and was waiting for a response from US President Donald Trump.
Rezaei said Iran wants an end to the war on all fronts, the release of frozen Iranian funds and an end to the US naval blockade. He also said Qatar and Pakistan were continuing their efforts to help revive negotiations between Washington and Tehran. The possibility of renewed talks has eased some concerns about potential disruptions to global oil supplies. This has reduced part of the supply risk premium that had helped push crude prices higher in recent weeks. However, diplomatic progress remains uncertain.
Trump has continued to issue warnings to Tehran while also indicating that he would be open to meeting Iranian President Masoud Pezeshkian, who is expected to be in New York for the United Nations General Assembly this week. The US Iran conflict has remained largely unresolved for months, with both sides yet to agree on the concessions required for a lasting settlement. The prolonged conflict has disrupted energy markets and increased concerns about oil supplies through important shipping routes in the Middle East.
Diplomatic efforts involving Gulf countries have also faced difficulties. On September 14, Iran postponed a planned meeting with Gulf states concerning shipping through the Strait of Hormuz, citing developments in Yemen. The developments followed attacks involving Iran, Yemen’s Houthi rebels and Saudi Arabia, which raised fresh concerns about crude supplies through major Middle Eastern shipping routes. Oil prices later gained more than 2.5%, with Brent approaching $107 per barrel and WTI trading above $102 at the time.
For Nigeria, the movement in global crude prices is important because oil remains a major source of government revenue and foreign exchange. However, it is still unclear whether the latest fall in crude prices will continue long enough to affect petrol prices in Nigeria. It was reported on September 13 that most filling stations in Lagos were selling petrol between N1,400 and N1,430 per litre, while MRS stations sold at N1,395. In Abuja, pump prices ranged between N1,400 and N1,450 per litre.
Nigeria’s energy inflation also rose to 4.69% in August 2026 from 4.40% in July, according to the National Bureau of Statistics. However, the August figures were recorded before the latest increase in petrol prices in September, meaning the full effect of the recent fuel price increases has not yet appeared in the official data.
