Oil prices spike after Trump declares Iran cease-fire ‘over’

Oil prices spiked over 5 percent after the U.S. revoked its waiver on Iranian oil sanctions. This surge followed strikes on three commercial vessels near the Strait of Hormuz. Geopolitical tensions have heightened oil market volatility, with Trump declaring the Iran cease-fire over. These renewed strikes in the Middle East are driving prices toward new highs, which potentially impacts global economic stability as the previous cease-fire remains in doubt amid the escalating regional conflict.