Oil prices jumped sharply and global markets weakened after US President Donald Trump said the memorandum of understanding behind the ceasefire with Iran was “over,” EDnews reports.
Brent crude prices climbed by around 6% to $78 a barrel following Trump’s remarks at the NATO summit in Ankara, where he spoke about the latest escalation between Washington and Tehran.
European stocks declined by 1.6%, while the US dollar strengthened and government bond yields increased as investors assessed the potential impact of renewed tensions on global energy markets and inflation risks.
Trump’s comments came after an overnight exchange of attacks between the United States and Iran, raising concerns that diplomatic efforts to ease tensions could face further setbacks.
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