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Oil Prices Surge After Trump Rejects Iran Peace Terms
  • May 11, 2026
  • Unity Times
oil

Anietie Udobit, Abuja

Global oil prices surged sharply on Monday after U.S. President Donald Trump dismissed Iran’s latest peace proposal as “totally unacceptable,” heightening fears of renewed conflict in the Middle East.

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Brent crude rose above $104 per barrel, while West Texas Intermediate traded close to $99 amid growing concerns over disruptions to global oil supply routes.

Energy analysts say the continuing naval blockade around the Strait of Hormuz remains a major threat to global crude flows and market stability.

The latest developments have already triggered ripple effects in Nigeria, where petrol prices have climbed significantly across major cities.

Experts warn that prolonged tensions in the Gulf region could further worsen inflation, transportation costs and economic hardship in oil-import-dependent economies worldwide.

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