Global oil prices climbed on Wednesday (today) after US President Donald Trump declared that the ceasefire between the United States and Iran had ended. This raised fears of renewed conflict in the Middle East and possible disruptions to global energy supplies. International crude prices went higher as traders reacted to growing geopolitical uncertainty.
Brent crude rose by nearly 6% to around $78.50 per barrel, while US West Texas Intermediate (WTI) gained almost the same percentage to approximately $74.60 per barrel during early trading. The rise reflected concerns that renewed military tensions could affect oil production and transportation across the world.
Trump dismissed the possibility of continuing the ceasefire during the NATO summit alongside NATO Secretary General Mark Rutte in Ankara. The president also stated that he no longer wished to negotiate with Tehran, and any new negotiations would be pointless.
Moreover, Trump’s comments followed a fresh round of US military strikes against Iran and Washington’s decision to revoke a waiver that had previously allowed Iranian oil exports to continue reaching international markets.
Analysts warned that any escalation in the area of Strait of Hormuz could disrupt oil exports from Gulf producers, potentially tightening global supplies and placing additional pressure on fuel prices.
Earlier, US President Donald Trump declared that the memorandum of understanding (MOU) with Iran is effectively “over” after fresh military strikes and escalating tensions between the two countries, Reuters reported.
Speaking to reporters, Trump said he no longer saw any value in engaging with Tehran after the United States launched new military strikes on Iran and revoked a license that had allowed the country to sell oil.
The latest US actions came in response to attacks on three tankers, marking another setback for a fragile ceasefire agreement in a conflict that has faced widespread criticism in Europe.
Read more: Trump says MOU with Iran “is over”
