Ol prices jumped more than 6 percent on Wednesday after U.S. President Donald Trump declared the Iran ceasefire “is over” at the NATO summit, heightening fears of a renewed conflict and Strait of Hormuz disruptions.
Brent crude futures soared more than 6 percent toward $79 a barrel while WTI crude futures were up 6.5 percent at $75.01.
Trump said the interim memorandum of understanding (MoU) with Iran is over and that he thinks U.S. representatives are wasting their time on negotiations.
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Market Analysis
Oil Prices Soar As Middle East Tensions Escalate
2026-07-08 09:35:28
