Global oil prices dropped by over 5% on Monday as a weekend pause in hostilities between the United States and Iran sparked optimism for a diplomatic resolution. Brent crude retreated to $91.89 per barrel, easing concerns that had previously pushed prices toward $100. Despite the de-escalation, maritime traffic through the Strait of Hormuz and the Bab el-Mandeb Strait remains significantly suppressed due to ongoing security risks. Analysts attribute the recent instability to the vague terms of earlier agreements regarding control of these strategic waterways, creating a persistent global supply risk. The Central Bank of Nigeria has cited these geopolitical uncertainties as a primary reason for maintaining its current interest rate stance to safeguard macroeconomic stability.