Global oil prices dropped sharply on Wednesday after reports that US President Donald Trump had forwarded a peace proposal to Iran aimed at easing ongoing tensions.
Brent crude, the international oil benchmark, fell by nearly six percent, with prices dipping 5.92% to trade at $98.30 per barrel.
Similarly, the US benchmark, West Texas Intermediate (WTI), declined by 5.01%, settling at $87.72 per barrel.
The market downturn followed reports by Agence France-Presse that Trump had sent a peace plan to Tehran, raising hopes of a possible de-escalation in the protracted conflict involving the United States, Israel, and Iran.
Earlier, Reuters reported that Washington had presented Iran with a 15-point proposal designed to resolve the crisis, citing a source familiar with the development.
The New York Times also revealed that the proposal was transmitted through Pakistan, quoting two officials. However, it remains unclear how widely the plan has been shared among Iranian authorities or whether Tehran is willing to consider it as a basis for negotiations.
The conflict, now in its fourth week, has continued to strain global economies, with Nigeria feeling the impact as petrol prices hover around N1,400 per liter.
