SNOW TV NEWS DESK
Global crude oil prices remained below the $100-per-barrel mark on Sunday, despite recording modest gains, as developments in the international political and economic landscape continued to influence the energy market.
A market survey by DAILY POST showed that Brent crude was trading at $98.32 per barrel, while US benchmark West Texas Intermediate (WTI) stood at $90.83 per barrel at the time of filing this report.
Although both benchmarks recorded slight increases, prices remained below the psychologically significant $100 threshold following the recent US midterm elections.
The political development has added another layer of uncertainty to an already volatile global oil market, particularly amid ongoing tensions involving the United States, Israel, and Iran.
The Democrats’ victory over President Donald Trump’s Republican Party, which saw them regain control of both chambers of Congress, has also attracted attention because of its potential implications for US domestic and foreign policy.
Trump reportedly linked his party’s electoral setback to the ongoing Iran conflict and rising gasoline prices, while expressing confidence that Republicans could recover their lost political ground.
The conflict, which has persisted since February 2026, has contributed to fluctuations in global crude oil prices, raising concerns about energy supply, international trade, and the cost of petroleum products in several countries.
Nigeria has also felt the impact of these developments, as movements in international crude prices and other market factors continue to influence domestic fuel costs.
Despite a recent reduction in pump prices, petrol remains relatively expensive in parts of the country. In Abuja and surrounding areas, retail prices were reported to range between N1,325 and N1,420 per liter.
The continued weakness in crude prices below $100 could offer some relief to oil-importing economies, although the benefits are not always immediately reflected in local fuel prices.
For Nigeria, the situation presents a mixed outlook. While lower international oil prices could reduce the cost of imported petroleum products, they could also affect government revenue and foreign exchange earnings from crude exports.
Ultimately, the direction of the oil market will depend on several factors, including geopolitical developments, global demand, supply conditions, and decisions by major oil-producing countries.
“Sir Bartholomew White Ebe is a Lagos-based media personality, Music Artist, Producer, and a Relationship Coach and independent journalist. With over seven years of experience tracking political developments and cultural shifts in Nigeria, he specializes in local current affairs, grassroots politics, and community-driven reporting across Lagos State. As the founder and chief editor of Snow Multimedia Connect {SNOW TV}, he leads the editorial team to deliver verified, high-impact stories to digital audiences.”
Email: snowmediaconnect@gmail.com
