Global crude oil prices declined on Tuesday, September 29, 2026, following a sharp increase recorded on Monday amid renewed tensions between the United States and Iran.
Market data showed that Brent crude and West Texas Intermediate (WTI) fell to $105 and $92 per barrel, respectively, after crude prices climbed as high as $107 per barrel on Monday.
The earlier surge followed reports that United States President Donald Trump had rejected Iran’s proposal for a seven day truce.
Iranian authorities presented the peace proposal during the 81st United Nations General Assembly (UNGA 81). However, Trump rejected the offer while speaking to reporters outside the White House, declaring, “I reject their proposal.”
The rejection reportedly triggered a rise in global crude oil prices on Monday before the market recorded a decline on Tuesday.
Meanwhile, Dangote Refinery, MRS and other filling stations in Nigeria have reduced their fuel prices by between N20 and N25 per litre.
