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A market survey by ZINGTIE showed that Brent and West Texas Intermediate, WTI crude prices fell to $105 and $92 per barrel respectively on Tuesday, after climbing as high as $107 per barrel on Monday.

Brent and WTI crude blends had surged over the weekend following reports that the United States President had turned down Iran’s proposal for a seven-day truce.

Iranian authorities reportedly presented the peace deal proposal at the 81st United Nations General Assembly, UNGA 81, but US President Donald Trump told reporters outside the White House, “I reject their proposal.”

His remarks reportedly triggered a rise in crude oil prices on Monday before prices eased on Tuesday.

Meanwhile, Dangote Refinery, MRS and other filling stations had cut fuel prices in Nigeria by between N20 and N25 per litre.

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