Global oil prices surged towards $80 per barrel on Wednesday after Donald Trump, the President of the United States, declared that the ceasefire with Iran had collapsed, reigniting fears of supply disruptions in the Middle East and threatening crude shipments through the Strait of Hormuz.
International benchmark Brent crude rose by about six per cent to trade at $78.58 per barrel, while US benchmark West Texas Intermediate (WTI) climbed to $74.76 per barrel, as traders priced in the risk of a broader regional conflict and potential disruption to one of the world’s busiest energy corridors.
The rally followed fresh military exchanges between Washington and Tehran overnight, with the US launching new strikes on Iranian targets and Iran retaliating against American military interests in the Gulf.
The renewed hostilities have heightened concerns over the collapse of diplomatic efforts to end the conflict and restore stability to the Strait of Hormuz, a
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