Crude oil costs surge to $74 a barrel following Trump's announcement that truce with Iran has ended
US President Donald Trump's declaration that the ceasefire with Iran has ended sent global oil prices surging over five percent on Wednesday, amidst heightened tensions in the Middle East sparked by fresh strikes.
nA significant spike was observed in international benchmark Brent North Sea crude, which leapt 5.3 percent to reach $78.09 per barrel, as the region's instability fueled investor concerns.
nIn a similar trend, the primary US contract, West Texas Intermediate, saw a notable increase of 5.4 percent, with its price rising to $74.23 per barrel, further reflecting the market's response to escalating geopolitical tensions.
nThe United States' launch of comprehensive strikes against Iran, in response to attacks on vessels in the Strait of Hormuz, has triggered a series of retaliatory actions against American bases in the Gulf, exacerbating the volatile situation.
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