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Oil, gas prices surge 5% after Trump says Iran ceasefire collapses

In this picture obtained from Iran's ISNA news agency and taken on May 2, 2026, the Gambia-flagged tanker vessel Bili is pictured anchored in the Strait of Hormuz off Bandar Abbas in southern Iran. (AFP Photo)

In this picture obtained from Iran's ISNA news agency and taken on May 2, 2026, the Gambia-flagged tanker vessel Bili is pictured anchored in the Strait of Hormuz off Bandar Abbas in southern Iran. (AFP Photo)

Oil prices extended their gains on Wednesday after renewed exchanges of fire between Iran and the U.S. in the Strait of Hormuz, as President Donald Trump declared that the ceasefire "is over."

International benchmark Brent topped $78 per barrel as of 8:35 a.m. GMT, while European gas prices at the Dutch TTF hub also climbed to €49 per megawatt-hour.

Details to follow...

July 08, 2026 12:03 PM GMT+03:00

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