- Trump in ‘productive’ talks with Iran, puts on hold Strait of Hormuz opening ultimatum
- Pope Leo seeks ban of aerial military strikes
Oil prices fell sharply yesterday afternoon, moments after the United States President Donald Trump said military strikes on Iran’s energy infrastructure had been postponed following talks with Tehran.
Brent, the benchmark for two-thirds of the world’s oil, dropped 11.72 per cent to $99.04 a barrel. West Texas Intermediate (WTI), the gauge that tracks United States (US) crude, was down 10.92 per cent to $87.50 per barrel.
The drop came after weeks of soaring oil prices. A barrel was close to $120 earlier this month as a result of major disruptions to global energy supplies.
In Nigeria, the ripple effect of the rising crude oil price has continued to reverberate through the economy. Since the commencement of the face-off, premium motor spirit (PMS) or petrol has been on a steady rise across the country. Yesterday, the commodity sold for N1, 320 per litre and N1, 330 per litre in Lagos, exceeding N1, 400 per litre in some places.
A cursory look at the price increase of petrol across the country indicated that Nigeria’s largest refiner, Dangote Refinery raised its ex-depot price from N774 to N874 per litre on March 2, 2026 following the global rise of crude oil price to above $80 per barrel.
Still, between March 7 and 9, the refinery price of the commodity rose to N995 per litre and N1,175 per litre. On March 20, the refinery increased the price to N1, 245 per litre, and further increased it to N1,275 per litre within 24 hours.
This presupposes that within one month of the Iran, US and Israel face-off, Dangote Refinery ex depot price of petrol at Dangote Refinery has increased five times from N774 to N1,275, representing an approximately 64.7 per cent increase in the period.
Analysts had warned that the destruction of energy supply and infrastructure could keep oil prices elevated.
Trump said he held “very good and productive conversations” with Iranian authorities and will order the U.S. military to postpone strikes against Iran’s power plants and energy infrastructure for five days.
RELATED NEWS US postpones threatened strike on Iran’s power plants for five days
“Based on the tenor and tone of these in-depth, detailed, and constructive conversations, which will continue throughout the week. I have instructed the Department of War to postpone any military strikes against Iranian power plants and energy infrastructure for five days, subject to the success of the ongoing meetings and discussions,” he wrote on Truth Social.
Iranian sources deny contact with Trump, aides
However, Iran’s Parliament’s Speaker Mohammad Baqer Qalibaf, suggested to be the leader representing Iran in contacts with the U.S., posted on social media that no talks had been held with the U.S.
