Crude contracts rose more than $5/bbl and refined product futures soared around midday Wednesday after President Trump said a U.S. cease-fire deal with Iran is done, following renewed military strikes that effectively halted all oil supplies through the Strait of Hormuz.

Crude oil contracts rose by more than $1 around midday Tuesday after a new round of attacks by Iran on oil tankers near the Strait of Hormuz, while further gains were limited due…

Crude contracts rose more than $5/bbl and refined product futures soared around midday Wednesday after President Trump said a U.S. cease-fire deal with Iran is done, following…