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Brent Grinds Below $100/bbl

Brent futures trades below $100 on Friday; Nigeria ease restrictions on gasoline imports; Trump claims US-Iran ceasefire remains in effect
Published: May 8, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
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This morning the Jul’26 Brent futures opened around $1.50 lower from yesterday’s close of $103/bbl and has since grinded lower, falling below $100/bbl by 10:05 BST.

This comes as prices consolidate lower after yesterday’s bullish close, following renewed hostilities between the US and Iran. However, Trump maintains that the ceasefire remains in effect, calling the strikes a “love tap”. In other news, Nigeria’s downstream oil regulator has drastically eased its restrictions on foreign fuel imports, issuing six Nigerian marketers with new gasoline import licenses on May 6, equating to a total volume of 600kt, or roughly a quarter of the country’s domestic consumption. A pipeline that ships crude oil between the Permian Basin and Houston was fully operational on Thursday after a brief outage due to a leak, operator ONEOK said. Russian air defence units have intercepted more than 50 drones heading for Moscow over a period of about 15 hours, according to Mayor Sergei Sobyanin. Finally, the Jul/Aug and Jul/Jan Brent futures spreads are at $3.89/bbl and $16.47/bbl respectively.

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