Global oil prices surged as markets reacted to U.S. President Donald Trump’s announcement that the ceasefire with Iran has ended.
Foreign media reported roughly a 5% increase in crude prices as investors grew jittery over renewed geopolitical tensions and the prospect of supply disruptions.
President Trump said he believes the memorandum of understanding with Iran is void, that the ceasefire is over, and that he does not want to engage with Iranian leaders. Earlier, after the United States carried out airstrikes on Iran and reimposed sanctions on Iranian oil sales, U.S. crude (WTI) futures rose 2.7% to $72.40 per barrel.
Speaking to reporters in Turkey, Trump warned, “If the Iranians had nuclear weapons, they would use them,” and added, “I don’t want to waste my time with Iran.”