Oil prices experienced a significant jump on Wednesday, with Brent crude futures surging over 6% to $78.83 a barrel at 1:13 PM UAE time and West Texas Intermediate (WTI) climbing 6.46% to $74.99 a barrel. This sharp increase follows an announcement by US President Donald Trump that an interim deal with Iran to end the conflict was "over," and that he had no intention of engaging with Tehran. The surge brought prices close to $80 a barrel, a level not seen in two weeks.
The escalation in tensions came after the United States launched powerful strikes against Iran,
