OIL PRICES SURGE PAST $80 AS TRUMP DECLARES IRAN CEASEFIRE OVER

Global oil prices jumped sharply above $80 per barrel on Wednesday after US President Donald Trump announced that a tentative ceasefire with Iran is “over,” reigniting geopolitical tensions in the Middle East.

Brent crude, the international benchmark, rose more than 6-8% in early trading, crossing the $80 mark for the first time in weeks. West Texas Intermediate (WTI) also climbed significantly, reflecting heightened fears of potential supply disruptions from the oil-rich region.

Trump’s statement, which also included threats of renewed actions and possible blockades, has triggered concerns over the Strait of Hormuz — a critical chokepoint for global oil shipments. Analysts warned that any escalation could lead to tighter supplies and further volatility in energy markets.

The development comes amid fragile talks following earlier conflicts. Market watchers noted that the renewed uncertainty is injecting a significant geopolitical risk premium into oil prices.

Energy experts say the surge could impact global inflation and economic recovery efforts. While some traders expect short-term gains for oil producers, consumers may face higher fuel costs in the coming weeks.

As tensions simmer, stakeholders are closely monitoring diplomatic developments and US-Iran moves that could further influence market direction.