Global oil prices softened on Wednesday after US President Donald Trump claimed that Iran had approached Washington with a ceasefire request, raising cautious expectations of a possible de-escalation in the ongoing conflict and easing pressure on crude markets.
Trump, speaking via his Truth Social platform, said the United States would only consider the proposal if the Strait of Hormuz is reopened and secured. The strategic waterway remains critical to global oil supply, and any disruption has immediate implications for pricing and market stability.
Following the remarks, traders began to unwind earlier bullish positions that had pushed Brent crude close to $120 per barrel. As at the time of writing (2:40 PM WAT) Brent crude was selling for 101.0 -2.87%, the shift reflects growing uncertainty, as the market weighs the possibility of reduced geopolitical risk against the lack of official confirmation from Iran.
Despite the softer tone, Trump maintained a firm stance, warning that military operations would continue until key conditions are met. At the same time, signals from Israel suggest that hostilities may persist, reinforcing concerns that the situation remains fluid and far from resolution.
For Nigeria and other oil-dependent economies, the slight drop in crude prices offers only temporary relief. Analysts warn that volatility will remain high, and any breakdown in talks or escalation in the region could quickly send prices higher again, with direct consequences for domestic fuel markets.