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Oil prices fall on Iran-US peace optimism
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Oil prices tumbled on Tuesday as growing optimism over a possible diplomatic breakthrough between Iran and the United States triggered a sharp sell-off in global crude markets, with Brent sliding toward the $91 per barrel mark.
According to the Economic Times, Brent crude fell by over three per cent during intraday trading, while WTI dropped nearly four per cent, as markets reacted to reports that a draft Iran–US peace agreement had been submitted for review in Washington and described as “preliminarily acceptable”.
The development immediately weakened the geopolitical risk premium that had kept oil prices elevated in recent weeks, particularly following heightened tensions that disrupted sentiment around Middle East supply routes and the strategically critical Strait of Hormuz.
The strait, through which roughly 20 per cent of global crude shipments pass, had been a key focus for traders after earlier disruptions triggered a sharp rally that pushed oil prices above $120 per barrel in late February.
At the time, fears of prolonged supply shocks sent global energy markets into panic buying. Tuesday’s decline therefore marks a significant reversal, as traders began pricing in the possibility that easing geopolitical tensions could stabilise supply flows and reduce the likelihood of further disruptions.
Experts said the market is now reacting less to immediate supply concerns and more to expectations of diplomatic progress, although they warn that sentiment remains highly sensitive to any setback in negotiations.
Any breakdown in talks, they note, could quickly reverse the current price trend given the still-fragile security environment in the Gulf region.
The Economic Times notes that energy markets reacted swiftly to shifting geopolitical signals and easing fears over supply disruption.
Oil traders said the combination of easing geopolitical fears and shifting supply data continued to drive volatility in global crude markets.
In Nigeria, the Nigerian National Petroleum Company Limited recorded an over 70 per cent rise in revenue and profit. The Dangote Refinery also benefited from high fuel exports, but households are enduring higher fuel prices, raising inflation pressures.
However, the conflict involving Iran led to a sharp rise in fuel costs, impacting Nigeria’s inflation figures negatively. It is expected that a further crash in oil prices would translate to cheaper fuel for Nigerians.
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Watch moment VP Shettima arrives at venue of commissioning of Arterial RN5 Obafemi Awolowo Way today
Watch clip showing arrival of Vice President Kashim Shettima at the venue of the commissioning of the newly constructed Arterial Road N5 (Obafemi Awolowo Way) from Life Camp Junction to RR III, Dape District section.
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Referee Omar Artan has vowed to officiate at the 2030 World Cup after arriving home in Somalia following his ban from entering the United States.
Hundreds of people gathered at the Mogadishu Airport to give a warm welcome to Omar Artan.
Some in the crowd carried banners with supportive slogans while others wore specially made hats bearing pictures of the referee, who has quickly become an icon in his homeland.
There were also social media celebrities who posed for photos with Artan and live-streamed the welcome on their platforms.
Amid the celebratory reception, there was also visible anger that the first Somali appointed as a World Cup referee had been denied entry to the United States.
The 34-year-old – Africa’s referee of the year in 2025 – was set to be the first Somali to referee at a World Cup finals but was denied entry at Miami International Airport on Monday despite holding a diplomatic passport and a single entry US visa.
No reason for his repatriation has been given by US immigration authorities, but Somalia is one of several countries on a travel ban list introduced by President Donald Trump.
He arrived back in Somalia on Wednesday, landing at Aden Adde International Airport in Mogadishu where he was greeted by government officials and representatives of the Somali Football Federation, as well as fellow referees and local residents.
Artan is expected to attend a public event at Mogadishu Stadium later on Wednesday afternoon and watch a match between Heegan and Dekadaha.
“I’d like to thank the officials, ministers, MPs and everyone. I want to thank my country and people for their support. The encouragement I received here, I know I’ll get more support outside [the airport],” Artan said, translated into English by the BBC.
“Everything is pre-destined. Fifa supported me well and were in touch with me until I reached Mogadishu.
“I promise you that I’ll be officiating in the next World Cup. Somalia, everywhere, I’m letting you know.”
Artan, who was named the Confederation of African Football (Caf) men’s referee of the year in 2025, was one of 52 referees selected for the tournament.
However, his “dream” came crashing down as he attempted to travel to the on-pitch officials’ base in Florida, with Artan telling the New York Times, external he had faced an 11-hour immigration interview and was detained for several hours before be was put on a flight back to Istanbul, Turkey.
Speaking to BBC World Service, Andrew Giuliani, who leads the White House Task Force on the World Cup, said: “While I can’t go into the derog [derogatory information] on that I can tell you it was the right decision by customs and border patrol and I support that decision.”
It was not possible for Artan to stay outside the United States and referee matches played in Canada or Mexico, with all on-pitch officials based in Florida for training, preparation, and security.
Trump placed a full entry ban under any visa category for 12 countries, including Somalia, in June 2025.
Two days before the World Cup draw in December 2025, Trump drew widespread attention for comments made about Somalia in the lead up to a planned immigration enforcement operation in Minnesota, which has a large Somali community.
“With Somalia, which is barely a country, you know, they have no anything,” he said.
“They just run around killing each other. There’s no structure.”
He added that Somali immigrants should “go back to where they came from” and that the US would “go the wrong way if we keep taking in garbage to our country”.
On arriving home, Artan urged Somalia’s youth not to lose hope in their country in the face of his treatment, stating: “Let’s all defend Somalia’s honour. We all belong to Somalia whether it’s bad or good.
“That flag is ours and so is the passport – let’s defend it.
“The youth shouldn’t be demoralised about their country. Despite this happening to me, I’ll still stand for my nation.
“I want to continue my journey from here and urge the youth to do the same.”
For his part, Artan was very happy with the welcome he received. The determined look on his face backed up the statements he has made about continuing his career and he told friends that he is ready to start training right away.
After the press conference, he was given a grand farewell. Thousands more people are expected to greet him at the Mogadishu Stadium on Wednesday afternoon. Another hero’s welcome is on the cards.
Today, June 10th 2026, President Tinubu will commission the newly constructed Arterial Road N5 (Obafemi Awolowo Way) from Life Camp Junction to RR III, Dape District section.
#FCTProjects2026
#RenewedHopeFCT
Watch moment VP Shettima arrives at venue of commissioning of Arterial RN5 Obafemi Awolowo Way today
Red carpet reception for banned referee Artan on arrival in Somalia
Oil prices fall on Iran-US peace optimism
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