Oil price fell on Monday to $90 a barrel.
Brent crude, the global oil benchmark, dipped by 6.76 percent to $90.24 a barrel.
The US West Texas Intermediate also tumbled by 6.04 percent to $83.92 a barrel.
The prices fell after the US and Iran reportedly suspended strikes over the weekend, bringing a pause to two weeks of attacks.
On Sunday, Mike Waltz, the US ambassador to the United Nations, told journalists that President Donald Trump had decided to pause US attacks on Iran to allow more time for diplomacy.
“He’s giving talks some space, he’s giving it a little bit of room,” Waltz said.
Subsequently, a senior Iranian official told Reuters on Sunday that Iran said it will halt its own attacks as long as the US does the same.
On July 23, oil price hit $100 a barrel after reported attacks on vessels in the Red Sea.
The rising oil prices have led to an increase in petrol prices in Nigeria.
On July 23, Dangote Petroleum Refinery increased its ex-gantry petrol price from N1,075 per litre to N1,215 per litre.
The refinery also resumed the sale of petrol in naira.
On July 16, fuel importers planned an increase in the depot price of petrol from N1,230 per litre to N1,350 per litre.
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