Oil Prices Jump After Trump Says Deal With Iran Is ‘Over’

Oil Prices Jump After U.S. and Iran Trade Strikes in Persian Gulf reports a significant surge in global oil prices following an escalation in tensions between the United States and Iran. President Trump indicated that the cease-fire has ended after a series of military strikes occurred within the Persian Gulf. In response to recent attacks on tankers, the U.S. administration revoked waivers allowing Iran to sell oil. U.S. Central Command targeted over 80 Iranian military sites to protect international shipping routes. Iran subsequently retaliated by striking 85 U.S. military locations in Bahrain and Kuwait. This ongoing cycle of violence threatens to disrupt the fragile recovery of regional shipping traffic. Brent crude oil prices climbed over 5 percent to surpass $78 per barrel, exceeding prewar levels. West Texas Intermediate crude also experienced a notable increase, rising above $74 per barrel. Although gasoline prices do not move perfectly in sync with crude, the national average remains high at $3.80 per gallon. Currently, fuel costs at the pump are approximately 27 percent higher than they were prior to the conflict starting in late February.