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Oil prices jump 5% after Trump says Iran ceasefire over

World News

08-07-2026 | 04:47

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Oil prices jump 5% after Trump says Iran ceasefire over

World oil prices soared more than five percent Wednesday after U.S. President Donald Trump said the ceasefire with Iran was over, following fresh strikes in the Middle East.

International benchmark Brent North Sea crude jumped 5.3 percent to $78.09 a barrel, while the main U.S. contract, West Texas Intermediate, advanced 5.4 percent to $74.23 a barrel.

The U.S. has launched extensive strikes on Iran following attacks on ships in the Strait of Hormuz, triggering a wave of reprisals against American bases in the Gulf.

AFP

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