Global crude oil prices surged more than 6 per cent on Wednesday after US President Donald Trump said the ceasefire between Washington and Tehran was effectively over following a fresh round of American military strikes on Iran, intensifying concerns over energy supplies from West Asia. The Brent crude three-month time spread widened to $2.36 a barrel, its highest since June 16, signalling growing concerns over near-term supply availability as escalating U.S.-Iran tensions drove oil prices sharply higher.
International oil benchmark Brent crude climbed as much as 6.52 per cent or $4.69 to trade near $80 a barrel. Similarly, US benchmark West Texas Intermediate (WTI) advanced more than 6 per cent or $4.85 to around $75 a barrel.
