Oil prices surge over 6% after Trump calls US-Iran peace deal over

Global oil prices jumped more than six percent on Wednesday after US President Donald Trump declared the interim peace agreement with Iran “over,” effectively ending recent diplomatic efforts. West Texas Intermediate rose 6.22% to $74.82 a barrel, while Brent climbed 6.36% to $78.88. Trump said he no longer wants to engage with Tehran, calling its leaders “scum” and “sick people.” The statement came as the US launched strikes on over 80 sites in Iran, hitting air defences, command centres and coastal radar. Iran responded with attacks on military bases in Kuwait and Bahrain, though Kuwaiti air defences intercepted most incoming missiles and drones.

The tension reversal also saw Washington cancel a earlier sanctions waiver that had allowed Iran to export crude for 60 days, leaving an estimated 63 million barrels of Iranian oil stuck on tankers in the Persian Gulf and Asian waters without buyers. Earlier in June, the same waiver had helped push oil prices below $80 a barrel after the interim deal was signed.

For Nigeria, the price shock comes amid some relief at the pump. Data from the National Bureau of Statistics showed petrol sold for an average of N1,596.25 per litre in May 2026, up 55.3% year‑on‑year. However, Dangote Refinery cut its ex‑depot price by N50 to N1,075 per litre last Thursday, the fourth reduction in a month. On Monday the Federal Government convened a meeting with Dangote, the FCCPC, PETROAN and other stakeholders to ensure the lower prices reach filling stations nationwide.

Will you benefit from the pump price cuts, or brace for another rise if the Iran‑US standoff pushes global oil higher again?

SOURCE: https://nairametrics.com/2026/07/08/oil-prices-surge-over-6-as-trump-declares-iran-peace-deal-over/