*Oil Prices May Fall
Iran is offering to end its chokehold on the Strait of Hormuz without addressing its nuclear program, two regional officials with knowledge of the proposal said today.
The cheery news may signal a fall in oil and gas prices globally as almost a quarter of worldwide oil shipping passes through the Strait. In Nigeria, this could be welcome news as petrol prices per litre have hovered above N1200 a litre due to effects of the war and closure of the Strait, worsening a cost-of-living crisis that has ground majority of the citizenry in the dust of poverty since the 29 May, 2023 removal of fuel subsidy by President Bola Tinubu.
Iran’s offer comes as the country’s Foreign Minister Abass Araghchi made a visit to Russia he said was an opportunity to consult with Moscow regarding the war against Israel and the United States (US),
Iran also wants the US to end its blockade of the country as part of its proposal, said the two officials, who spoke on condition of anonymity to discuss the closed-door negotiations.
The new proposal, passed to the US by mediator Pakistan, likely won’t be supported by US President Donald Trump, who wants to end Iran’s atomic program as part of an overall deal to reopen the Strait of Hormuz and make the ceasefire permanent.
“We have all the cards. If they want to talk, they can come to us, or they can call us,” Trump said Sunday to Fox News Channel.
*PHOTO CAPTION: A section of the Strait of Hormuz.
