Oil Prices Rally Significantly After Trump Declares End to Iran Understanding

Oil prices recorded a notable surge in afternoon trading today, propelled by statements from U.S. President Donald Trump at the NATO summit in Ankara. Trump hinted at a collapse of the ceasefire with Iran, raising concerns about supplies. By 11:35 Moscow time, Brent crude futures for September delivery rose by 4.79% to reach $77.71 per barrel. Similarly, U.S. West Texas Intermediate (WTI) crude futures for August delivery climbed by 4.74% to hit $73.78 per barrel. Trump affirmed on Wednesday that the Memorandum of Understanding signed with Iran to end the conflict had "ended," stating his unwillingness to engage with Tehran.