Iran war news update: Brent crude oil price, WTI jump over 6 per cent, concerns grow ⁠over near-term supply availability

Global crude oil prices surged more than 6 per cent on Wednesday after US President Donald Trump said the ceasefire between Washington and Tehran was effectively over following a fresh round of American military strikes on Iran, intensifying concerns over energy supplies from West Asia. ​The Brent ​crude three-month time ‌spread ⁠widened ⁠to $2.36 ​a barrel, ​its highest ​since ⁠June 16, ‌signalling ​growing ​concerns ⁠over near-term supply availability ​as escalating ​U.S.-Iran tensions ‌drove oil ​prices sharply ​higher.

International oil benchmark Brent crude climbed as much as 6.52 per cent or $4.69 to trade near $80 a barrel. Similarly, US benchmark West Texas Intermediate (WTI) advanced more than 6 per cent or $4.85 to around $75 a barrel.



Speaking in Ankara on the sidelines of the North Atlantic Treaty Organization (NATO) Summit, Trump told reporters that the US had carried out fresh strikes against Iran overnight in response to what he described as Iranian attacks on commercial vessels transiting the Strait of Hormuz.

He said, "To me, I think it's over. I don't want to deal with them anymore. They're scum...They are sick people. They're led by sick people. They are vicious, violent people and if they had a nuclear weapon, they would use it. As far as I am concerned, it's over. I'll speak to our negotiators. They want to negotiate. As far as I'm concerned, it's just a waste of time dealing with them. They're liars. We make a deal...Everyone's agreed. No nuclear weapon. We make a deal. They go outside and talk to the press. They say we never even talked about it. There's something wrong with them. They're cuckoo. As far as I'm concerned, it's over."

Trump also described Iranian leaders in strongly critical terms and said he no longer wished to pursue negotiations with Tehran, expressing scepticism about the prospects of any future agreement.

His remarks came amid renewed tensions in the region following a series of attacks on vessels passing through the Strait of Hormuz, a key global oil shipping route. The sharp rise in crude prices weighed on investor sentiment, with Indian equity markets witnessing broad-based selling.

The latest rally in crude prices marked a sharp reversal from earlier expectations of abundant supply after OPEC+ announced higher production quotas and major Middle Eastern producers increased output.