US and Iran detail peace terms as Pakistan mediates, affecting oil markets

Pakistan Prime Minister Shehbaz Sharif said on Friday that a final, agreed‑upon text of a US‑Iran peace deal has been reached, with both sides now working on next steps. US Vice President JD Vance stated on X that Iran will receive no cash simply for signing, and that economic benefits will flow only if Iran meets its obligations, adding that the deal could remake the Gulf region. Iran’s Foreign Minister Abbas Araghchi countered that a final agreement is not yet done, explaining the pact has two stages: the first covers sovereignty recognition, sanctions relief, reconstruction and frozen assets, while the second addresses the nuclear issue. He also said the Strait of Hormuz remains under Iranian and Omani sovereignty, so fees will be charged for services there, and that Israel must withdraw from occupied southern Lebanon as part of ending the war.

For Nigerians, the deal’s outcome could sway global oil prices because the Strait of Hormuz carries about a fifth of the world’s oil. Higher fees or disruption could push up Brent crude, affecting Nigeria’s oil revenue and fuel pump prices. Conversely, a successful deal that eases tensions might steady or lower prices, benefiting importers and consumers.

Watch oil market reports in the coming days, consider how price shifts could affect your transport or generator fuel budget, and note any official statements from Nigeria’s NNPC or Ministry of Petroleum on anticipated impacts.

SOURCE: https://dailypost.ng/2026/06/12/us-iran-address-conditions-as-pakistan-confirms-peace-deal/