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International Business Times UK
International Business Times UK
Manuel Demegillo

Stock Market Today: Oil Prices Spike as Trump Orders 'Extended Blockade' of Iran and Rejects Nuclear Deal

Donald Trump Oil Iran OPEC ING United States Strait of Hormuz UAE
Oil prices have surged more than 55% in March alone, with fuel costs rising for drivers, commuters, and households worldwide. (Credit: Engin Akyurt/Unsplash)

The world economy braces for another oil price surge amid fears of an extended US-Iran stalemate.

Oil prices spiked to a new high today as traders reacted to reports that President Donald Trump will keep pressuring Iran until a nuclear deal is reached. Per CNBC, Brent Crude has topped the £87 ($118) mark, while WTI Crude increased to £78 ($106) per barrel.

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