Oil prices surged more than 6% on Wednesday, climbing to their highest level in two weeks after U.S. President Donald Trump declared that the memorandum of understanding aimed at ending the conflict with Iran was "over", reviving concerns over potential disruptions to crude supplies from the Middle East.
Brent crude futures rose $4.58, or 6.09%, to $78.66 a barrel, while U.S. West Texas Intermediate crude gained $4.22, or 6%, to $74.65 a barrel. Both benchmarks were trading at their highest levels since June 23. The rally extended gains from Tuesday, when both contracts advanced about 3% after the United States revoked the general licence authorising Iranian crude sales.
