Brent crude and West Texas Intermediate (WTI) fell to $105 and $92 a barrel, respectively, on Tuesday after both benchmarks had climbed as high as $107 a barrel the previous day. The move came as Nigerian fuel retailers cut pump prices by between N20 and N25 per litre.
Oil prices retreat after Monday surge
Brent and WTI had risen sharply over the weekend amid reports that US President Donald Trump had turned down Iran’s proposal for a seven-day ceasefire. The offer was presented by Iranian authorities during the 81st United Nations General Assembly, known as UNGA 81.
- Brent crude dropped to $105 per barrel on Tuesday.
- WTI declined to $92 per barrel.
- Both contracts had reached as much as $107 per barrel on Monday.
Trump’s rejection fuels market reaction
Speaking to reporters outside the White House, Trump said he rejected Iran’s proposal. The statement was reported to have helped drive crude prices higher on Monday, although the market subsequently eased on Tuesday.
Nigerian pump prices move lower
Against the backdrop of the changing international oil market, Dangote Refinery, MRS and other filling stations in Nigeria reduced petrol prices by N20 to N25 per litre.
