Global oil prices recorded a sharp increase on Wednesday after U.S. President Donald Trump declared that the ceasefire involving Iran had collapsed, raising fresh concerns over escalating tensions in the Middle East.
Brent crude, the international oil benchmark, climbed by 5.3 percent to $78.09 per barrel, while West Texas Intermediate (WTI), the U.S. benchmark, gained 5.4 percent to $74.23 per barrel.
The rally in crude prices followed renewed fears of supply disruptions after Trump announced that the ceasefire was no longer in effect.
The latest development comes amid heightened conflict in the region. The United States recently carried out extensive military strikes on Iran in response to attacks on commercial vessels transiting the Strait of Hormuz, one of the world’s most critical oil shipping routes.
The strikes have since triggered retaliatory attacks targeting American military installations across the Gulf, intensifying geopolitical uncertainty and fueling concerns over the stability of global energy supplies.
Market analysts say the renewed conflict has heightened fears of disruptions to crude exports from the Middle East, prompting investors to push oil prices significantly higher.
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