A petrol pump attendant picks up a nozzle to refuel a vehicle at an Indian Oil fuel station in Varanasi on March 10, 2026. The oil price spike caused by the war in the Middle East has sparked exasperation at petrol pumps around Asia, where many economies are heavily dependent on fossil fuel imports. (Photo by Niharika KULKARNI / AFP)
Fresh diplomatic moves between the United States and Iran triggered a further decline in global oil prices on Thursday, raising hopes of a possible reduction in petrol prices in Nigeria.
Brent crude fell to $93 per barrel on Thursday from about $95 recorded on Wednesday after reports emerged that the United States and Iran were close to reaching a 60-day memorandum of understanding aimed at extending a ceasefire and opening negotiations on Iran’s nuclear programme.
According to Axios, an American news website, US and Iranian negotiators had reached an agreement on the framework of the deal, although President Donald Trump had yet to give final approval, while Iran had also not officially confirmed its acceptance as of press time.
The report said the proposed agreement would guarantee unrestricted shipping through the Strait of Hormuz, a key global oil route that has witnessed heightened tensions in recent months.
