Oil Prices Surge as Trump Ends Iran Deal

Oil prices experienced a significant increase after Donald Trump declared that the deal with Iran is over. Brent crude oil prices rose by 5.6% to $78 per barrel, while U.S. benchmark crude surged by 5.8% to $74.55 per barrel.

Trump responded to questions about the status of a ceasefire, stating that the deal was a waste of time. The Iranian leader described the U.S. as "sick" and "vicious," indicating heightened tensions ahead of a NATO summit in Ankara.

The crude price had recently spiked above $100 per barrel, coinciding with the onset of the war in Iran in late February. Tehran has insisted on controlling vessel routes and has vowed to charge fees for passage.

Analysts noted that the latest developments significantly increase uncertainty regarding future negotiations, raising concerns about the stability of the global oil market. Chief commodities analyst Seb Bjarn Schieldrop expressed that the breakdown of talks casts serious doubt on the planned 60-day negotiation process, with oil prices trending closer to $80 per barrel reflecting current market conditions.