Market News
US-Iran crisis: Nigerian crude nears $120 - PUNCH
By Dare Olawin
Nigerian crude is again edging towards $120 per barrel as the conflict in the Middle East shows no sign of ending.
The PUNCH reports that data from the Central Bank of Nigeria showed that Bonny Light, Nigeria’s flagship crude oil grade, traded at about $117 per barrel, gradually returning to its April level when prices almost hit $140 at one point. Nigerian crude is usually sold at a premium above the global benchmark, Brent crude.
Oil prices have surged from about $70 per barrel since the war between the United States and Iran erupted, and the Strait of Hormuz, which handles about 20 per cent of global oil transportation, was closed.
According to Al Jazeera, Iran has submitted a response to the latest United States proposal aimed at ending the war through mediator Pakistan.
Iranian Ministry of Foreign Affairs spokesman, Esmaeil Baghaei, told a press briefing on Monday that Tehran’s response to the latest US proposal had been “conveyed to the American side through mediator Pakistan”, the semi-official Tasnim news agency reported.
Washington and Tehran have exchanged several proposals in recent weeks amid a ceasefire that largely halted six weeks of fighting. However, talks mediated by Pakistan have stalled, while US President Donald Trump said the ceasefire was “on life support”.
Baghaei said Iran’s demands include the release of its frozen assets abroad and the lifting of sanctions. “The points raised are Iranian demands that have been firmly defended by the Iranian negotiating team in every round of negotiations,” he said.
Iran has also demanded compensation for war damage, an end to the US blockade of Iranian ports, and a halt to fighting on all fronts, including in Lebanon, where Israeli forces continue their invasion and daily bombardments despite a ceasefire.
Washington had urged Iran to dismantle its nuclear programme and reopen the Strait of Hormuz, which, before the war, transported one-fifth of the world’s crude oil and liquefied natural gas supply.
Trump wrote on Truth Social on Sunday that “the Clock is Ticking” for Iran, warning that “they better get moving, FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!”
The Iranian news agency, Fars, reported on Sunday that Washington had presented a five-point proposal, making it clear that the US would cease hostilities only if Iran entered formal peace negotiations.
The proposal reportedly included a demand that Iran retain only one operational nuclear site and transfer its stockpile of highly enriched uranium to the US.
In an earlier proposal sent last week, Iran called for an end to the war on all fronts and the removal of the US naval blockade on Iranian ports, which has been in place since April 13.
Fars also reported that the Iranian proposal insisted that Tehran would continue to manage the strategic Strait of Hormuz, a critical global energy route which Iran has largely kept closed since the conflict began.
The report added that the US had refused to release “even 25 per cent” of Iran’s frozen assets or pay reparations for war damage.
Meanwhile, US Treasury Secretary Scott Bessent said on Monday that he would urge G7 finance ministers to align with US sanctions aimed at cutting financing to what he described as Iran’s “war machine”.
Trump is also expected to meet top national security advisers on Tuesday to discuss options for resuming military action, according to US news outlet Axios.
Axios reported that Trump “has got a lot of different people in his ear”, including Israeli Prime Minister Benjamin Netanyahu and “very hawkish people” within his administration.
However, Baghaei said Iran was “fully prepared for any eventuality” should the conflict escalate again. “As for their threats, rest assured that we are fully aware of how to respond appropriately to even the smallest mistake from the opposing side,” the Iranian Foreign Ministry spokesman said.
