Oil prices jump after Trump says Iran ceasefire ‘over’

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The price of crude oil surged on Wednesday morning after President Trump declared the ceasefire agreement with Iran is “over.”

Trump told reporters during the NATO summit in Ankara, Turkey, that he did not want “to deal” with Tehran anymore.

“They’re scum,” he added.

The president’s comments came just hours after U.S. Central Command announced Tuesday evening that the military struck targets in Iran after it attacked commercial vessels in the Strait of Hormuz.

The price of Brent crude oil — the international benchmark — spiked to $78 a barrel following the president’s statement to the press. Brent prices previously surged by more than 5 percent to $75 a barrel on Tuesday after the U.S. revoked its waiver on Iranian oil sanctions.

U.S.-produced West Texas Intermediate was trading around $74 a barrel on Wednesday morning, up from just less than $70 a barrel on Tuesday.

Rising energy prices have become a sore spot for the Trump administration amid the conflict, with oil costs skyrocketing to more than $100 a barrel during the months-long military operations.

Confidence in the president’s economic agenda has taken a hit. The approval rating for Trump’s handling of inflation and prices was down by 43 percentage points in May since the beginning of his second term.

The president and officials in his administration have sought to calm concerns over the increased costs, characterizing them as short-term pains. However, the return to fighting Tuesday evening darkened hopes over peace talks between the two sides.

Trump told reporters Wednesday that he will continue to “speak to our negotiators” despite the resumption of military operations between the two sides.

“They want to negotiate. They’re good people,” he said. “But they have to come back to me. As far as I’m concerned, it’s just a waste of time dealing with [Iran].”

Tags

Donald Trump

Iran war

Middle East conflict

NATO summit

oil prices

Strait of Hormuz

Trump administration

U.S. strikes on Iran

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