ANALYSIS
Oil prices soar after Trump announces ceasefire with Iran ‘is over’
The price of a barrel of Brent North Sea crude, the international benchmark, rose 5.3% to $78.09, while West Texas Intermediate (WTI), the main U.S. benchmark, gained 5.4% to reach $74.23 per barrel.
Iranian oil refinery
Oil prices surged by more than 5% on Wednesday, immediately after Donald Trump declared that the ceasefire with Iran had ended following new attacks in the Middle East.
A barrel of Brent crude from the North Sea, the international benchmark, rose 5.3% to $78.09, while West Texas Intermediate (WTI), the main U.S. benchmark, rose 5.4% to reach $74.23 per barrel.
The United States launched new and more intense airstrikes against Iran following the Revolutionary Guard Corps’ attacks on ships in the Strait of Hormuz. Iran responded with a series of retaliatory strikes against U.S. bases in the Gulf, which ultimately exhausted Trump’s patience.
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