Oil Prices Jump over 7% as Iran Ceasefire Declared ‘Over’
AI Summary
Oil prices surged over 7% to a two-week high following U.S. President Donald Trump's declaration that the ceasefire with Iran is over. The spike was driven by Iran attacking commercial vessels in the Strait of Hormuz, leading to U.S. retaliatory strikes.
Oil prices surged over 7% to a two-week high on Wednesday after U.S. President Donald Trump declared that the interim ceasefire agreement with Iran is officially over and dismissed the recently signed memorandum of understanding as a "waste of time." Brent crude for September delivery spiked 7.6% to trade at $79.76 per barrel at 10:40 am ET, while WTI crude for August delivery gained 7.2% to change hands at $75.4/bbl. Iran attacked three commercial vessels transiting the Strait of Hormuz on Tuesday, prompting retaliatory attacks by the United States.…