Global oil prices surged sharply on Wednesday after U.S. President Donald Trump declared that the ceasefire with Iran was “over,” raising fears of renewed conflict and possible disruptions to global oil supplies.
The remarks came after the United States launched fresh strikes on Iran in response to attacks on commercial vessels in the Strait of Hormuz, a key global oil shipping route. The escalation renewed concerns about the security of one of the world’s most important energy corridors.
Following Trump’s comments:
- Brent crude rose more than 5% to about $78.09 per barrel.
- West Texas Intermediate (WTI), the U.S. benchmark, climbed over 5% to around $74.23 per barrel.
The spike in oil prices also rattled financial markets. U.S. stock futures fell, while energy company shares gained on expectations of higher oil revenues. Analysts warned that prolonged tensions could fuel inflation, increase shipping and insurance costs, and keep energy markets volatile.
Speaking on the sidelines of the NATO summit in Turkey, Trump said he considered further negotiations with Iran “a waste of time,” although he suggested talks could continue if Iran was willing
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