International crude oil prices declined on Tuesday after recording a sharp increase on Monday amid renewed concerns over tensions between the United States and Iran.
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A market survey showed that Brent crude fell to about $105 per barrel on Tuesday, while West Texas Intermediate (WTI) dropped to around $92 per barrel. Both benchmarks had climbed on Monday, with Brent reaching as high as $107 per barrel.
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The rise followed reports that US President Donald Trump had rejected an Iranian proposal for a seven-day ceasefire.
Iranian authorities had presented the proposal during the 81st United Nations General Assembly. Trump later told reporters outside the White House that he had rejected the offer.
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The development contributed to the increase in crude prices on Monday as traders reacted to the possibility of continued tensions between the two countries.
However, the market pressure eased on Tuesday, leading to a decline in both Brent and WTI prices.
The movement in global crude prices comes as fuel prices in Nigeria have also recorded reductions at some filling stations.
Dangote Refinery, MRS and other fuel retailers have reduced their petrol prices by between N20 and N25 per litre, according to reports.
The latest reduction comes amid changes in international crude prices and developments in the domestic downstream petroleum market.
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