Oil prices spike after Trump declared ceasefire with Iran ‘over’
Oil prices surged following the United States’ recent strikes against Iran and President donald Trump’s declaration that the ceasefire with Iran is “over.” Brent crude increased by over 3.2%,reaching around $76.48-$76.54 per barrel, while WTI rose similarly to approximately $72.72 per barrel. The situation intensified after Trump announced at the NATO Summit in Ankara that the ceasefire was ended, pushing Brent above $78 and WTI to about $74.50 per barrel. Brent crude rose by 5.7% and WTI by 5.8%. Experts indicated that market sentiment would be heavily influenced by geopolitical developments in the coming hours, with further escalation possibly impacting equity markets and technology sectors. The price spike was driven by Iran’s renewed strikes on shipping through the Strait of hormuz and Trump’s inflammatory comments, describing Iran as “scum” and “sick people.” Trump expressed a desire to cease negotiations and criticized Iran as “liars” and “cheats,” suggesting that if the ceasefire ends, Iran is likely to close the Strait again, which coudl reverse recent oil price declines.
Oil prices soared after the United States launched strikes against Iran and President Donald Trump declared the ceasefire “over.”
After U.S. Central Command announced new strikes against Iran, Brent Crude jumped over 3.2% to $76.48-$76.54 per barrel. U.S. benchmark West Texas Intermediate similarly jumped 3.2% to around $72.72 per barrel. The situation worsened after Trump declared the ceasefire with Iran “over” while speaking at the NATO Summit in Ankara, Turkey, sending Brent above $78 per barrel and WTI to around $74.50 per barrel.
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Overall, Brent Crude shot up 5.7%, while WTI jumped 5.8%.
Ipek Ozkardeskaya of Swissquote said in a commentary that the next few hours would be decisive in determining markets, ABC News reported.
“As such, geopolitical headlines will likely determine market sentiment over the coming hours. A further deterioration in the situation could weigh further on equity valuations along with rising stress in technology,” she said.
The oil price spike came after Trump went so far as to declare the ceasefire over after the Islamic Revolutionary Guard Corps launched new strikes against commercial shipping through the Strait of Hormuz, a statement he’d carefully held back from ever since the April ceasefire.
“To me, I think it’s over. I don’t want to deal with them anymore. They’re scum, do you know what scum is?… They’re led by sick people. … I’ll speak to our negotiators. They want to negotiate — they’re good people … but they have to come back to me. As far as I’m concerned, it’s just a waste of time dealing with them,” Trump told reporters.
TRUMP SAYS IRAN CEASEFIRE IS ‘OVER’: ‘THEY’RE SCUM. THEY’RE SICK PEOPLE’
“There’s something wrong with them, they’re cuckoo,” he added, also calling them “liars” and “cheats.”
If the ceasefire ends, Iran is near certain to close the Strait of Hormuz again, quickly erasing the decline in oil prices since last month when the memorandum of understanding was signed.
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