Oil prices surged more than 6% after U.S. President Donald Trump said Wednesday that the interim agreement with Iran is “over,” though he will allow talks to continue.
Trump made the comments following U.S. strikes on Iran in reaction to their attacks on three ships in the Strait of Hormuz. The price of Brent crude oil jumped 6.3% to$78.80 a barrel. U.S. benchmark crude surged 6.4% to $75.00 a barrel.
Iran and the United States agreed as part of their interim deal on ending the war to allow ships to pass through the strait without paying charges for 60 days. But Tehran has insisted it must control the vessels’ routes and vowed to later charge fees for passage. That would upend decades of practice in the waterway. The ships attacked Tuesday all appeared to be using a route close to Oman’s shore, rather than one ordered by Tehran.
