Oil Price Rises to $108 as Iran Describes U.S. Plan to End War as One-Sided

Global oil prices surged to about $108 per barrel following escalating tensions in the Middle East, as Iran rejected a U.S.-backed 15-point peace proposal aimed at ending the ongoing conflict involving the United States and Israel. Iranian officials described the plan as one-sided and heavily skewed in favor of U.S. and Israeli interests, dampening hopes for a near-term diplomatic resolution.
The price increase nearly 6 percent reflects market anxiety after Iran signaled resistance to negotiations. Earlier in the week, crude had dropped from $103 to $98 per barrel after Donald Trump suggested that talks with Tehran were underway. However, renewed uncertainty has reversed that trend.
In Nigeria, the ripple effects remain evident. Petrol prices have climbed significantly, with NNPC Limited retailing fuel at ₦1,261 per litre in Abuja, while private marketers sell as high as ₦1,371. This marks a sharp increase from pre-crisis levels of ₦860–₦880 per litre.
Iran maintains that while diplomacy is not entirely off the table, the current U.S. proposal lacks realism. Central to the disagreement is Tehran’s insistence on its sovereign right to control the Strait of Hormuz—a critical global oil transit route. The U.S., however, demands that Iran dismantle its nuclear program, limit missile capabilities, and cease support for regional armed groups.
Trump has responded with a mix of pressure and rhetoric, warning Iran to “get serious” about negotiations while claiming its leadership is reluctant to openly engage. Despite this, Iran has rejected key U.S. negotiators, including Steve Witkoffand Jared Kushner, viewing prior talks as deceptive. Instead, Tehran has indicated a preference for engaging J.D. Vance, seen as more cautious about military intervention.
Meanwhile, hostilities continue. Israel confirmed the killing of Iranian naval commander Alireza Tangsiri, linked to operations around the Strait of Hormuz. Benjamin Netanyahu emphasized ongoing coordinated strikes with U.S. support.
Adding to tensions, Trump stated that U.S. control of Iran’s oil resources remains a potential option, signaling a hardline stance. As geopolitical risks persist, energy markets remain volatile, with global economic implications intensifying.