Crude extends rally as US-Iran flare-up rocks peace hopes
Oil prices extended their surge on July 9 as Donald Trump said the U.S. ceasefire with Iran was over and ordered fresh strikes against the country following attacks on ships in the Strait of Hormuz.
Crude soared on July 8 when the U.S. president, in response to tit-for-tat attacks in the region already taking place, said the fragile truce between the foes was over.
Washington also revoked a temporary sanctions waiver for Iranian oil.
Both main contracts soared around 8 percent, with Brent topping $80 a barrel for the first time in two weeks, fanning fresh fears of a spike in inflation and a hit to the economy.
