Oil Prices Fall on US-Iran Diplomatic Thaw: Implications for Nigeria

Global crude contracts have extended a recent losing streak after renewed diplomatic talks between Washington and Tehran eased fears of supply disruptions. Major benchmarks dipped to fresh lows this week. For Nigeria, where oil exports are the primary source of foreign exchange, the slide in prices poses risks for the naira and the federal budget. Analysts warn that lower export revenues could tighten government spending and weaken the currency. Energy experts note this episode underscores how swiftly international politics can reshape local economies. Market watchers will be watching the next round of talks for further clues.

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