United States President, Donald Trump
Oil prices surged to $80 per barrel after the United States President, Donald Trump, declared that the interim ceasefire agreement with Iran was officially over.
According to data from oilprice.com, Brent crude rose from $72 to $74 on Tuesday before hitting $80 on Wednesday.
Trump on Wednesday dismissed the recently signed memorandum of understanding with Iran, declaring the MoU a “waste of time” following Iran’s attack on vessels transiting the Strait of Hormuz.
Brent crude for September delivery spiked 7.6 per cent to trade at $80 per barrel, while WTI crude for August delivery jumped to $75.40 per barrel.
