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Trump Said The Ceasefire With Iran Is Over. Oil Prices Are Immediately Soaring

Donald Trump Iran Oil United States NATO

Oil surged on Wednesday after President Donald Trump said the ceasefire with Iran was over.

Oil is surging on Wednesday after President Donald Trump said the ceasefire with Iran is over following renewed clashes in the Strait of Hormuz

Brent crude, the international benchmark, soared more than 5% and stood above $78 a barrel at 8:12 a.m. ET. West Texas Intermediate, the U.S. benchmark, gained 4.94% and clocked in at $73.94 at the same time. Stocks were also pointing downward following the developments.

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