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.