Oil prices surge again as Trump declares ceasefire ‘over’ with Iran

Oil prices surged on Wednesday after U.S. President Donald Trump declared the ceasefire with Iran was “over,” jolting energy markets and raising fresh concerns about the security of Gulf oil exports.

Brent crude jumped more than 5% to above $78 a barrel, while U.S. benchmark West Texas Intermediate climbed above $74, wiping out several days of market calm.

The U.S. also revoked a waiver allowing Iran to sell oil, as American forces struck more than 80 targets in Iran that officials said were linked to attacks on commercial shipping.

Iran retaliated with strikes on U.S. military sites in Bahrain and Kuwait, extending the conflict and increasing the risk of further disruption in the Gulf.

Shipping through the Strait of Hormuz remains well below normal after attacks this week on three commercial vessels, including a Saudi oil tanker and a Qatari LNG carrier, threatening another squeeze on global energy supplies.

Mideast airlines resume flights after Iran-Israel truce secured

After bracing for a prolonged period of flight disruptions, Middle East airlines started to resume their full schedules with the advent of a U.S.-brokered ceasefire to the Iran-Israel war.

Airports in the UAE, Qatar, Bahrain and Kuwait began to resume full operations today, while international carriers were assessing when they could safely restore regular flights.

The truce was secured hours after Iran fired missiles at the Al Udeid U.S. air base in Qatar. The missiles were intercepted without causing damage or injuries.

The break in the 12-day war prompted shares of European airlines to surge on Tuesday, with Deutsche Lufthansa, Ryanair Holdings and British Airways owner IAG all rising 4% or more, Bloomberg reports.

Air France-KLM surged 10% in Paris, and Turkish Airlines advanced 6.7% in Istanbul.

Oil prices fell, meanwhile, and stocks gained amid cautious optimism that the ceasefire negotiated by the Trump administration may bring a resolution to the conflict.

The benchmark Brent crude fell 3.5% to $69 a barrel today, retreating from five-month highs after the U.S. bombed Iranian nuclear facilities on Sunday.

S&P 500 futures rose 0.8%, signaling a second day of gains for the U.S. index, Reuters reports. European stocks advanced 1.3%, while a gauge for Asian shares headed for its biggest gain in more than a month.