Oil Prices Soar As Middle East Tensions Escalate
(RTTNews) - Ol prices jumped more than 6 percent on Wednesday after U.S. President Donald Trump declared the Iran ceasefire "is over" at the NATO summit, heightening fears of a renewed conflict and Strait of Hormuz disruptions.
Brent crude futures soared more than 6 percent toward $79 a barrel while WTI crude futures were up 6.5 percent at $75.01.
Trump said the interim memorandum of understanding (MoU) with Iran is over and that he thinks U.S. representatives are wasting their time on negotiations.
His remarks came hours after the U.S. launched a wave of military strikes on Iran in the port cities of Bandar Abbas and Sirik, as well as on Qeshm Island, in response to Iranian attacks on three commercial shipping in the Strait of Hormuz.
Washington also revoked a waiver that had allowed Iran to sell oil globally. "CENTCOM forces remain postured and prepared to hold Iran accountable when the agreement is not adhered to or obeyed," the U.S. military said in a statement.
Tehran has hit back with strikes on Bahrain and Kuwait, putting the interim U.S.-Iran peace agreement at risk and fueling concerns of a wider regional conflict.
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