Brent crude oil price rose by more than 6% on Wednesday after President Donald Trump declared the interim accord to end the war with Iran “over” and the US launched more strikes on Iran. Trump also threatened to conduct more strikes against Iran on Wednesday evening and warned of possibly reinstating a US naval blockade in the Strait of Hormuz.
What happened: Brent, the international benchmark, briefly climbed to $79 a barrel at 5:25 a.m. EDT on Wednesday, before easing to $77.69 at 9:52 a.m. EDT, up 4.77% from Tuesday's close.
"To me, I think it's over. I don't want to deal with them," Trump said on the sidelines of a NATO summit in the Turkish capital, Ankara.
Trump added that US negotiators could continue talks "if they want" but said he saw it as "a waste of time." He later threatened to hit Iran "hard again tonight."
Overnight, US Central Command said it had bombed more than 80 military targets in Iran after three commercial tankers separately reported being hit with projectiles while attempting to transit the Strait of Hormuz on Tuesday.
