US says Iran nearing ceasefire deal, warns of Strait of Hormuz risks

US Defence Secretary Pete Hegseth told the Shangri-La Dialogue in Singapore that Iran is gradually coming around in ceasefire talks with the United States, expressing confidence that President Donald Trump will secure a deal. He said the Strait of Hormuz was frequently raised in discussions with allies, and the US had reassured them about its security. The article notes that tensions escalated on February 28 when a US-Israeli offensive reportedly killed Iran’s Supreme Leader and others.

For Nigerians, this matters because Nigeria’s economy and fuel prices are closely tied to Gulf stability. Any disruption to oil shipments through the Strait of Hormuz can push global oil prices up, affecting national revenue and pump prices at home. Conversely, a lasting ceasefire could help keep oil markets steady, supporting the national budget and foreign exchange.

What should you know or do? Keep an eye on oil price movements and consider how potential spikes might affect your fuel budget or business costs. Stay updated through reliable news sources, and if tensions rise, anticipate possible fuel price increases and adjust consumption or pricing plans accordingly. If the deal holds, expect relative stability but remain watchful for any shifts.

SOURCE: https://dailypost.ng/2026/05/31/ceasefire-deal-trump-us-will-get-a-deal-iran-coming-around-hegseth/