Oil prices jump over 6% after Trump says Iran ceasefire is over

Oil ​prices jumped more than 6% on Wednesday, hitting a two-week high after US President Donald Trump said ‌the memorandum of understanding to end the conflict with Iran was “over”, renewing fears of disruptions to Middle East oil supplies, Reuters writes.

Brent crude futures were up $4.57, or 6.16%, to $78.73 a barrel at 0948 GMT, while U.S. West Texas Intermediate crude climbed $4.23, or 6.01%, to $74.67 a barrel.

The surge in oil prices comes after US President Donald Trump said the ceasefire agreement with Iran was no longer in effect. His remarks renewed concerns over potential disruptions to oil supplies from the Middle East. Trump made the announcement during the NATO summit in Ankara, adding that he doesn’t “want to deal with them anymore.”