Oil prices fell by over 5% following reports that US President Donald Trump has sent a peace proposal to Iran.

Brent crude oil, which serves as the global market benchmark, experienced a decline of nearly six percent on Wednesday.

This was after Trump forwarded a peace plan to Iran, according to Agence France-Presse.

The price of a barrel of Brent crude was down 5.92%, trading at $98.30.

The benchmark US oil contract, West Texas Intermediate, also saw a decrease of 5.01%, priced at $87.72.

Earlier reports indicated that the US had sent Iran a 15-point proposal aimed at resolving the US-Israel conflict concerning Iran, as disclosed by a source familiar with the situation to Reuters.

The New York Times previously reported on the US plan, stating that it was conveyed through Pakistan, citing two officials.

According to the NYT’s report, it remains uncertain how extensively the plan has been communicated to Iranian officials and whether Iran is inclined to consider it as a foundation for negotiations.

The ongoing war has caused untold hardship to people globally as it is now in its fourth week.

A litre of Premium Motor Spirit, also known as petrol, is sold for about N1400 in Nigeria.