Oil Prices Surge Above $80 After Trump Ends Iran Truce

Oil prices surged beyond $80 per barrel after U.S. President Donald Trump declared the end of the temporary truce with Iran, which reinstated geopolitical risk premiums in the market and sparked investor concerns over potential disruptions in crude supplies.

Brent crude futures rose more than 7%, trading near $80 per barrel, while West Texas Intermediate crude jumped to approximately $75.5 per barrel. Diesel contracts led gains in energy markets, increasing over 13% following Russia's decision to ban diesel exports.

The rebound in oil prices threatens to trigger a fresh wave of instability in global energy markets, which remain tense. Renewed confrontations further complicate decisions for shipowners and regional producers regarding navigation through the Strait of Hormuz, the vital passage connecting major OPEC producers in the Arabian Gulf with global markets.