Crude oil prices surged to $108 per barrel yesterday after Iran dismissed the United States’ 15-point proposal to end the ongoing US-Israel conflict, calling the plan “one-sided” and skewed to favour Washington and Tel Aviv.
ENigeria Newspaper learnt that oil prices climbed 5.98 percent following Iran’s rejection of the peace talks, reversing earlier drops from $103 to $98 per barrel after President Donald Trump announced that Washington was pursuing diplomatic channels.
In Nigeria, the impact is reflected in local fuel prices, with NNPC Limited selling petrol at N1,261 per litre in Abuja, while major marketers charge N1,371 per litre. Before the Middle East crisis began in late February, NNPC sold petrol at N860 per litre.
A senior Iranian official told Reuters that Tehran remains open to diplomacy but criticized the US plan as lacking “the minimum requirements for success” and serving only US and Israeli interests.
“If realism prevailed in Washington, a path forward may still be found,” the official said, adding that senior Iranian authorities reviewed the proposal Wednesday night alongside a representative of the Supreme Leader.
Iran continues to insist on its legal right to control the Strait of Hormuz. An official cited by the Tasnim News Agency described Tehran’s stance as a “natural and legal right” in the region.
However, Trump emphasized the need for speed, cautioning Tehran to take action quickly before it’s too late because once it’s done, there won’t be any going back and it won’t be pleasant. Speaking on Truth Social, he described Iranian negotiators as “very different and strange” but later called them “great negotiators,” adding that he was not desperate for a peace talk.
The US President suggested taking control of Iran’s oil as “an option,” drawing parallels to Washington’s handling of Venezuelan reserves following the ouster of Nicolás Maduro.
“It’s an option,” he said, stressing that the US “had done very well” with Venezuela.
Meanwhile, Iran has rejected engagement with Trump’s previous negotiating team, Special Envoy Steve Witkoff and son-in-law Jared Kushner, preferring to deal with Vice President J.D. Vance, who is viewed as more skeptical of US military intervention.
Amid the rising tensions, Israel confirmed the killing of Iranian Navy Chief Alireza Tangsiri, responsible for overseeing the blockade of the Strait of Hormuz. Israeli Prime Minister Benjamin Netanyahu described the operation as an example of continued US-Israel coordination in the conflict.
