Global oil prices surged more than five percent on Wednesday after US President Donald Trump declared the ceasefire with Iran had collapsed, following renewed strikes in the Middle East.
Brent crude, the international benchmark, rose 5.3 percent to $78.09 per barrel, while West Texas Intermediate, the main US contract, climbed 5.4 percent to $74.23 per barrel.
The price surge comes after the US carried out extensive strikes on Iran in response to attacks on vessels in the Strait of Hormuz, sparking a wave of retaliatory strikes on American military bases across the Gulf.
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