International benchmark Brent North Sea crude jumped 5.3 per cent to $78.09 a barrel, while the main US contract, West Texas Intermediate, advanced 5.4 per cent to $74.23 a barrel.
A graphic illustration of barrels of crude oil
World oil prices soared more than five percent Wednesday after US President Donald Trump said the ceasefire with Iran was over, following fresh strikes in the Middle East.
International benchmark Brent North Sea crude jumped 5.3 per cent to $78.09 a barrel, while the main US contract, West Texas Intermediate, advanced 5.4 per cent to $74.23 a barrel.
READ ALSO: Iran Ceasefire ‘Is Over’ — Trump
The US has launched extensive strikes on Iran following attacks on ships in the Strait of Hormuz, triggering a wave of reprisals against American bases in the Gulf.
