Oil prices surged nearly 6% today after President Donald Trump announced that the U.S.-Iran ceasefire was "over." He added that Washington's delegation wanted to negotiate a peace deal but saw it as "a waste of time dealing with" the Iranian side.
Trump's comments came after the U.S. launched fresh strikes on Iran in retaliation for attacks on commercial vessels in the Strait of Hormuz.
- West Texas Intermediate (WTI) futures for August delivery were up 5.79% at $74.50 per barrel.
- International benchmark Brent crude for September delivery jumped 5.92% to $78.55 per barrel.
Trump also stated that he has "no desire to deal with them anymore" and that U.S. military forces conducted a "series of powerful strikes" against Iran.
Iran's foreign ministry labeled the strikes a "gross violation" and stated that the armed forces of Iran will not hesitate to defend the country's territorial integrity.
These developments come as the U.S. Treasury Department withdrew a waiver that allowed Iran to sell its oil.
