Brent crude, the global oil benchmark, dipped by 8.5 percent to $94.79 per barrel, while US West Texas Intermediate (WTI) declined by 8.33 percent to $88.09 per barrel.
The decline came amid political developments in the United States, where Democrats won control of both chambers of the congress in the midterm elections.
According to Reuters, investors are awaiting Washington’s next move in the US-Israeli war against Iran after Trump’s Republican Party lost control of the congress.
On Wednesday, Donald Trump, US president, said the war with Iran may have contributed to the Republican Party’s defeat.
In a written statement, Ayatollah Khamenei, Iran’s supreme leader, said the US hostility towards Iran would persist regardless of which political party was in power.
“The US sees the end of its hegemony as distant; we see it as near,” he said.
A senior Iranian official told Reuters on Tuesday that Iran and the US remain far from reaching a deal to end the war.
Trump had declined to rule out a resumption of combat operations after the midterm elections.
For Nigeria, falling crude prices could erode oil export earnings and government revenue, while cheaper petroleum products on the international market could offer some relief through lower domestic petrol and diesel prices.
