Global crude oil prices dropped sharply after United States President Donald Trump ruled out a fresh attack on Iran.

In an interview with CNN, Trump cast doubt on the possibility of renewed fighting with Iran.

According to the US president, a fresh attack on Iran is “highly unlikely,” ahead of a meeting with Qatar’s prime minister, who is mediating the conflict, on Monday.

He, however, warned that his decision “depends on whether or not they sign a very strong agreement.”

Following his remarks, crude oil prices slid by nearly 2 per cent.

A market survey by DAILY POST on Monday morning showed that Brent and West Texas Intermediate, WTI, crude fell by 1.86 per cent and 1.22 per cent to $89.72 and $96.49 per barrel, respectively.

The downward trend in global crude oil prices could push domestic petroleum product prices lower, potentially providing relief for many economies, including Nigeria.

Although Nigeria has continued to reap higher crude oil revenues amid the Iran war, domestic fuel prices have remained high.

Currently, fuel prices stand at N1,325 and N1,420 per litre in Abuja and its environs, respectively.