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Oil surges after Trump says Iran ceasefire is over
Brent rose 7.6% to $79.76 a barrel and WTI climbed 7.2% to $75.4 after attacks near the Strait of Hormuz and large US strike activity inside Iran.
Oil prices jumped more than 7% to a two-week high after the US said the interim ceasefire with Iran is over, a development tied to renewed attacks in the Strait of Hormuz. OilPrice reports that Brent crude for September delivery spiked 7.6% to trade at $79.76 a barrel, while WTI for August delivery gained 7.2% to $75.4 per barrel.
The move follows Iran attacking three commercial vessels transiting the strait on Tuesday, prompting retaliatory actions by the United States. OilPrice said a LNG tanker was hit on its port side and suffered an engine room fire, and a Saudi-flagged supertanker was damaged off the coast of Oman.
OilPrice also cited US Central Command, which said it carried out offensive airstrikes hitting more than 80 military targets inside Iran, using precision-guided and 5,000-pound deep penetrator munitions across areas including Qeshm Island, Sirik, and the port city of Bandar Abbas.
The report added that the Trump administration revoked a temporary sanctions waiver that had allowed Iran to sell oil and petrochemicals, removing a key revenue channel for Tehran. Iran, meanwhile, announced the formal closure of the Strait of Hormuz and warned international commercial shipping about any further attempts to transit the waterway.
Latest closeWTI crude $74.03 ▲5.1%|Brent $78.44 ▲5.8%