Crude oil prices rose sharply on the international market, climbing by 5.98 percent to about $108.3 per barrel, following Iran’s rejection of a 15-point peace proposal put forward by the United States to end the ongoing conflict involving Israel. Iranian officials criticized the plan as biased and tilted in favour of U.S. and Israeli interests.
The price increase came after an earlier drop from $103 to $98 per barrel, triggered by comments from Donald Trump suggesting ongoing talks with Iran. However, Tehran’s firm stance against the proposal reignited market concerns.
In Nigeria, fuel prices remain elevated, with NNPC Limited retailing petrol at ₦1,261 per litre in Abuja, while major marketers sell at around ₦1,371 per litre. These figures mark a significant rise from pre-crisis levels of ₦860 and ₦880 per litre respectively.
Despite rejecting the U.S. plan, Iranian officials indicated that diplomacy is still possible, though they insist there is currently no viable framework for meaningful negotiations. Tehran also reaffirmed its sovereignty over the Strait of Hormuz, describing control of the strategic waterway as a legitimate national right.
The U.S. proposal reportedly demanded that Iran dismantle its nuclear programme, limit its missile capabilities, and end support for regional allies. Iranian authorities dismissed these conditions as unrealistic and lacking the foundation for a successful agreement.
Meanwhile, Donald Trump urged Iran to take negotiations seriously, warning of severe consequences if progress is not made. He also claimed Iranian leaders were reluctant to openly engage in talks due to internal pressures, while maintaining that the U.S. is not desperate for a deal.
Iran has also rejected key U.S. negotiators, including Steve Witkoff and Jared Kushner, preferring instead to engage with J. D. Vance, whom it considers a more credible interlocutor.
On the military front, Israel confirmed the killing of Iranian naval commander Alireza Tangsiri, who was reportedly overseeing operations linked to the Strait of Hormuz. Israeli Prime Minister Benjamin Netanyahu described the development as part of ongoing coordinated strikes against Iranian targets.
Amid the escalating crisis, Trump also hinted that taking control of Iran’s oil resources remains a possible option, drawing parallels with U.S. actions in Venezuela.
