Global crude oil prices corrected sharply on Tuesday, March 11, 2026, with Brent crude dipping 8.45% to $90 per barrel and US West Texas Intermediate (WTI) falling 8.58% to $86.77 per barrel marking the first significant decline since the U.S.-Israeli military campaign against Iran began in late February.
The drop follows Monday’s surge, when Brent briefly crossed $100/barrel for the first time since July 2022 amid fears of prolonged supply disruptions through the Strait of Hormuz and attacks on Gulf oil infrastructure.
Follow DDNewsOnline on Facebook For More Breaking News
Analysts attributed the pullback to a combination of: Discussions among European energy ministers about potentially releasing strategic oil reserves to stabilize markets. Comments from former U.S. President Donald Trump suggesting the conflict could be resolved sooner than expected, which helped calm investor nerves. Iran’s Islamic Revolutionary Guard Corps (IRGC) issuing a measured response, stating they would “determine the end of the war” but stopping short of immediate threats to close the Strait of Hormuz.
Trump had earlier warned that “death, fire, and fury will reign upon them [Iran]” if Tehran blocked oil shipments, contributing to Monday’s spike. His subsequent remarks hinting at a possible quick resolution eased some of the panic selling in energy markets.
Follow And Like Us On Tiktok
The volatility continues to directly affect domestic fuel pricing. Dangote Petroleum Refinery recently raised its ex-depot petrol price to ₦1,175 per litre (up ₦180 from the previous level), while diesel climbed to ₦1,620 per litre. These adjustments reflect the refinery’s exposure to international crude benchmarks, despite the crude-for-naira arrangement.
Dangote Petroleum CEO Devakumar Edwin (David Bird) acknowledged in a recent press conference that the refinery purchases Nigerian crude at global market prices and does not benefit from discounted supply.
Subscribe To The Best Team In Conservative, Business, Technology, Lifestyle And Digital News Realtime! support@ddnewsonline.com
For Breaking News And More Follow Us On Instagram
Market Snapshot (as of Tuesday close)
Brent crude: $90.00/barrel (−8.45%)
WTI crude: $86.77/barrel (−8.58%)
Since conflict onset (late February): Brent +~60%, WTI +~75% overall, but Tuesday’s correction trimmed some gains.
Analysts warn that while Tuesday’s decline provides temporary relief, prices remain highly sensitive to any escalation in the Middle East. A prolonged disruption in the Strait of Hormuz or further attacks on Gulf oil facilities could quickly reverse the correction and push Brent back toward $120–130/barrel.
Check out – Discover How to work and Earn with Dailyhustle
The International Energy Agency (IEA) and OPEC+ are monitoring the situation closely, with emergency stock releases still under discussion but no formal decision announced.
This is a developing market story with significant implications for inflation, transport costs, and household budgets in Nigeria.
DDNewsOnline – Lagos
By Ogungbayi Beedee Adeyemi
Send tips to: adeyemi@ddnewsonline.com
09164987165 / 08168555497