Oil prices had been recovering following a memorandum of understanding signed last month to end the war, but they rose by more than 6% early on Wednesday.

Brent crude futures were a long way below the war's peak prices but rose enough to wobble the bond market by increasing inflation risks.

Oil prices have surged nearly 6% after U.S. President Donald Trump said the interim agreement with Iran is “over,” though he will allow talks to continue

Crude oil prices spike over 6% after Trump declares the ceasefire with Iran "over," raising geopolitical tensions.