Oil prices have continued their downward trend on Thursday following the signing of a ceasefire agreement between the United States and Iran to end hostilities in the Middle East and reopen the Strait of Hormuz.

According to Oilprice.com, Brent crude, the global benchmark, dropped from $83 per barrel on Monday to $75 per barrel on Thursday.

On Sunday, the US and Iran reached an agreement to end the war. Both parties signed a 14-point agreement on Wednesday, extending a ceasefire announced in April by another 60 days, including in Lebanon, to allow the two sides to negotiate a final truce. Both Trump and Iranian President Masoud Pezeshkian have digitally signed the memorandum in English and Farsi, U.S. and Iranian ​officials said.

Trump signed a physical copy on Wednesday just before a grand dinner with French President Emmanuel Macron at the Palace of Versailles, the site of the signing of the eponymous treaty that formally ended World War I.

In Nigeria, petrol prices are yet to drop significantly as fuel stations in Lagos sell for about N1,250 to N1,300 per litre, following the Dangote refinery’s announcement of a N75 drop in the petrol gantry price from N1,250 to N1,175 per litre.