Brent and WTI Jump After Fresh Middle East Strikes
World oil prices jumped more than 5 percent on Wednesday after US President Donald Trump said the ceasefire with Iran was over.
The sharp rise came after fresh military strikes in the Middle East raised fears of wider conflict and possible disruption to global oil supplies.
Brent North Sea crude climbed 5.3 percent to $78.09 a barrel. US West Texas Intermediate also rose 5.4 percent to $74.23 a barrel.
The United States launched major strikes on Iran after attacks on ships in the Strait of Hormuz. The waterway is one of the world’s most important energy routes.
Iran later said it targeted US bases in the Gulf, triggering fresh concern across global markets.
Trump Says Iran Truce Is Finished
Speaking at a NATO summit in Ankara, Trump said the ceasefire with Iran was over.
“As far as I’m concerned, it’s over,” Trump said when asked about the truce. He also called further talks with Tehran a waste of time.
Trump also criticised NATO during his meeting with alliance chief Mark Rutte. He said he was upset with NATO over Greenland and over what he described as a lack of support against Iran.
The US president also threatened to cut off trade with Spain. He criticised Madrid over defence spending and its position on the Iran conflict.
China and Qatar Call for Restraint
China and Qatar urged all sides to show restraint after the latest escalation.
China warned Washington and Tehran against restarting a wider war. Foreign ministry spokesperson Mao Ning said military action could not solve the region’s core problems.
Qatar also called for diplomacy and de-escalation. Doha condemned Iranian strikes against Kuwait and Bahrain and urged all sides to continue dialogue.
Qatar said the region must be spared the consequences of further attacks. It also called for building on earlier diplomatic progress.
The latest rise in oil prices shows growing market fears over Middle East instability. Traders are now watching the Strait of Hormuz, US-Iran tensions, and possible risks to global energy flows.
