Donald Trump's declaration that the ceasefire with Iran was effectively over rattled global markets, sending oil prices sharply higher and triggering a broad retreat in equities.
Global financial markets came under renewed pressure on Wednesday after United States President Donald Trump declared the ceasefire with Iran effectively over, reigniting fears of further conflict in the Middle East and sending oil prices sharply higher.
Brent crude climbed to nearly $79 a barrel during trading after the United States launched strikes against dozens of Iranian targets in response to attacks on ships in the Strait of Hormuz. The renewed escalation reversed weeks of easing oil prices that had followed optimism surrounding a peace agreement announced just three weeks ago.
Neil Wilson, Investor Strategist at Saxo UK, said Trump's remarks significantly worsened already fragile market sentiment.
"President Trump woke up in a very bad mood. Equity markets lurched lower and oil kicked on after Trump said the ceasefire between the US and Iran was over," Wilson said.
