Global crude oil prices continued their upward trajectory, closing at approximately $108 per barrel as tensions in the Middle East intensified. Iranian authorities sustained their criticism of a 15-point peace initiative introduced by Donald Trump, describing the proposal as biased and structured primarily to benefit the United States and Israel. The surge in oil prices—rising by nearly 6 percent—followed Iran’s rejection of ongoing diplomatic efforts aimed at resolving the conflict. This increase reflects growing uncertainty in global energy markets, largely driven by geopolitical instability in the region. Earlier in the week, prices had dropped from $103 to $98 per barrel after indications that Washington and Tehran might engage in negotiations. However, renewed tensions quickly reversed that trend, underscoring how sensitive oil markets remain to developments in the Middle East. Impact on Nigeria’s Fuel Market In Nigeria, the effect of rising global oil prices continues to be felt domestically. The state-owned oil company, NNPC Limited, currently sells petrol at about N1,261 per litre in Abuja, while private marketers offer it at around N1,371 per litre. This marks a significant increase compared to pre-crisis levels in late February, when petrol was sold between N860 and N880 per litre. The sharp rise highlights the broader economic consequences of international conflicts on local fuel pricing. Iran Maintains Strategic Position Despite rejecting the U.S. proposal, Iranian officials have not entirely ruled out diplomacy. A senior official indicated that while there is currently no viable framework for meaningful negotiations, dialogue remains a possibility if more balanced terms are presented. Tehran also reaffirmed its authority over the strategically important Strait of Hormuz, emphasizing that control of the waterway is both a sovereign and lawful right. The strait remains a critical chokepoint for global oil supply, making it central to ongoing geopolitical tensions. Key U.S. Demands and Iran’s Response The U.S. peace plan reportedly includes demands such as dismantling Iran’s nuclear program, limiting its missile capabilities, and relinquishing influence over the Strait of Hormuz. It also calls for an end to Iran’s support for regional allies. Iran, however, dismissed these terms as unrealistic and one-sided. Officials argue that the proposal fails to meet basic criteria for a fair agreement and instead advances only U.S. and Israeli interests. Escalating Rhetoric Between Washington and Tehran President Trump urged Iran to take negotiations seriously, warning that delays could worsen the situation. He also claimed that Iranian leaders were hesitant to openly acknowledge talks due to internal pressures. In response, Iranian authorities denied actively engaging in negotiations, stating that indirect communications do not constitute formal dialogue. The exchange highlights deep mistrust between both sides, further complicating peace efforts. Disagreements Over Negotiation Channels Iran has also expressed reluctance to engage with certain U.S. representatives, including Middle East envoy Steve Witkoff and advisor Jared Kushner. Instead, Tehran reportedly prefers dealing with Vice President J. D. Vance, whom it views as more pragmatic in foreign policy matters. This shift reflects Iran’s skepticism toward previous negotiation efforts, which it believes may have been used as a cover for military actions. Military Developments Intensify Crisis Amid ongoing hostilities, Israel announced the killing of Iranian naval commander Alireza Tangsiri, who was reportedly overseeing operations related to the Strait of Hormuz. Israeli Prime Minister Benjamin Netanyahu described the action as part of continued strategic coordination with the United States. The development signals further escalation, raising concerns about broader disruptions to global oil supply chains. U.S. Considers Control of Iranian Oil During a cabinet meeting, President Trump suggested that taking control of Iran’s oil resources remains a possible strategy. Drawing comparisons to U.S. involvement in Venezuela, he noted that similar approaches had yielded favorable outcomes for Washington. This statement adds another layer of complexity to an already volatile situation, as control over energy resources remains a central issue in the conflict.
Israel carried out another series of airstrikes on Tehran on Monday, while Iran warned it could respond by targeting critical facilities across the Middle East. The ongoing confrontation has pushed the global economy toward one of the most serious energy supply crises seen in decades. Loud explosions were reported across Tehran, according to Iranian state media, as regional tensions intensified. At the same time, Saudi Arabia and the United Arab Emirates confirmed that their defense systems were intercepting incoming drones and missiles aimed at strategic locations. According to International Energy Agency Director Fatih Birol, at least forty energy-related installations throughout the oil-producing region have suffered heavy or extremely heavy damage since the conflict escalated. The war, which began following joint Israeli-US strikes on Iranian targets, has now entered its fourth week, increasing pressure on global fuel supplies. Iran has responded to the attacks by launching missiles and unmanned aerial vehicles toward Israel and several Gulf locations over recent weeks. Some of the strikes reportedly hit energy facilities and diplomatic compounds linked to the United States. In addition, shipping activity in the Strait of Hormuz has been restricted, raising concern because the passage carries roughly one-fifth of the world’s crude oil shipments. Oil prices have remained above one hundred dollars per barrel amid fears of shortages. US President Donald Trump warned that Iranian power stations could be destroyed if Tehran failed to reopen the strait within forty-eight hours. The deadline, calculated from the time of his social media statement, would fall late Monday night GMT, early Tuesday morning in Iran. Iranian officials rejected the warning. Parliament Speaker Mohammad Bagher Ghalibaf stated that if such action occurred, key infrastructure throughout the region would be treated as legitimate military targets and could be permanently destroyed. Speaking about the scale of the situation, Birol explained that around eleven million barrels of oil per day are currently being lost due to the conflict. This figure exceeds the daily supply disruption recorded during the two major oil crises of the 1970s. He stressed that no nation would escape the consequences if the situation continued to worsen and called for coordinated global action while speaking to reporters in Canberra. Iran considers new restrictions in Hormuz Asian stock markets weakened while oil prices climbed again early Monday, with US crude briefly touching the one-hundred-dollar mark. Iran has recently allowed limited passage through the Strait of Hormuz for vessels from countries it considers friendly, while warning that ships from nations involved in the conflict could be blocked. Lawmakers in Tehran are also discussing the possibility of imposing fees on ships using the route, with Ghalibaf saying maritime movement will not return to its previous level while the war continues. Trump has given mixed signals about the duration of the military campaign, stating on Friday that he was thinking about reducing operations, before later threatening strikes on power facilities, a move that would significantly increase the level of escalation. Extended fighting in Lebanon Israeli Prime Minister Benjamin Netanyahu has indicated that the campaign against Iran and its allies could last for a long period. Iran has long been accused by Israel of supporting Hamas, which carried out the October 7, 2023 attack that triggered the war in Gaza. Israel has also expanded ground operations against Hezbollah in Lebanon, warning that the fighting there may continue for weeks. Military spokesman Brigadier General Effie Defrin told citizens that further clashes with Iran and Hezbollah should be expected. Israeli forces said they had been ordered to destroy bridges used by Hezbollah fighters to cross the Litani River, located about thirty kilometres north of the Israeli border. Lebanon’s health ministry reports that more than one thousand people have been killed since Israeli strikes began, while over one million residents have been displaced. Lebanese President Joseph Aoun described the attacks on bridges as a dangerous escalation and a violation of national sovereignty, warning they could signal preparation for a ground invasion. Prime Minister Nawaf Salam also blamed Hezbollah for contributing to the conflict, noting that the group began firing rockets after the reported killing of Iran’s Supreme Leader Ali Khamenei at the beginning of the war. Missile strikes reach southern Israel Israel has long relied on advanced air-defense systems, and both Trump and Netanyahu have claimed that several Iranian military sites were destroyed earlier in the campaign. However, Iranian missiles managed to bypass defenses and struck two southern Israeli towns, including Dimona, which lies near the country’s desert nuclear research facility, injuring dozens of people on Saturday. Residents said they believed the area was secure until the strike occurred. Netanyahu later stated that senior members of Iran’s Revolutionary Guards would be personally pursued as he visited damaged areas in the town of Arad. Rescue teams reported that one missile landed only a few kilometres from a location widely believed to hold the Middle East’s only nuclear arsenal, although Israel has never officially confirmed possessing nuclear weapons, maintaining that the site is used for research purposes. Iran said the strike near Dimona was retaliation for an earlier attack on its nuclear complex in Natanz. When asked about the incident, Israeli military officials said they were not aware of a strike on the facility. In Iran, reports from the US-based Human Rights Activists News Agency indicate that at least 3,230 people have been killed during the conflict, including more than 1,400 civilians. Independent verification remains difficult because journalists have limited access to the affected areas.
