Fuel Prices May Drop as Oil Slides on US–Iran Peace Talks

Fuel prices may drop in the coming days as global crude oil prices fall during ongoing US–Iran peace talks. Oil dropped sharply from $111 last week to $97 on Monday morning, raising hopes of cheaper fuel.

The Unveiled Voice had earlier projected a sharp fall if Washington and Tehran reached a deal to reopen the Strait of Hormuz. Brent crude traded between $103 and $105 on Sunday as peace signals strengthened between both sides.

Fuel prices may drop further as oil continued its decline on Monday, with Brent crude slipping to $97.48 in early trading. Market watchers linked the fall to expectations of progress in US–Iran negotiations and a possible reopening of the Strait of Hormuz.

Crude oil prices surged above $100 after the conflict began on February 28, peaking beyond $115. The rally pushed global fuel costs higher.

In Nigeria, petrol rose from N830 per litre to about N1,300. Diesel and aviation fuel also jumped, forcing airlines to warn of possible service cuts.

Analysts now expect Dangote Refinery to review pump prices if the downward trend continues.

Reports suggest the US and Iran have agreed in principle on a framework to wind down tensions and reopen the Strait of Hormuz.

US President Donald Trump said the waterway would reopen under a proposed deal involving several countries. He made the statement on Truth Social after talks with regional leaders.

Trump added that negotiations remain ongoing and no final agreement has been signed. He said time would be used to secure a stronger outcome.

Iran confirmed that talks with the US are progressing but said no deal is imminent. Officials said both sides have reached partial agreement on key issues.

The draft plan reportedly includes a 60-day ceasefire extension, reopening the Strait of Hormuz, and further nuclear negotiations.