Oil Prices Surge as Trump Ends Iran Deal and Warns of More Strikes
Oil prices jumped more than 6% after US President Donald Trump declared the Iran ceasefire agreement over and warned of further military strikes against Tehran.
Brent crude, the global benchmark, briefly climbed to around $79 per barrel before easing slightly as markets reacted to renewed tensions between the US and Iran.
Trump said negotiations with Iran were no longer useful but added that talks could continue if Tehran chose to return to the table. He also warned that further strikes could take place.
The rise in oil prices followed reports of new US attacks on Iranian military targets and concerns over shipping security in the Strait of Hormuz, a key route for global oil and gas supplies.
Several commercial vessels reportedly changed course after attacks on tankers in the region, increasing fears of disruption to energy markets.
The US also revoked a licence allowing Iran to sell oil, ending a temporary arrangement that had allowed limited exports during negotiations.
The Strait of Hormuz normally handles a significant share of global oil and LNG shipments, making any escalation in the region a major concern for international energy markets.
