Oil surges 6% after Trump announces ending ceasefire

Reports indicate that oil prices rose by 6% following the United States' announcement of military strikes against Iran in response to attacks targeting commercial ships in the Strait of Hormuz. This came amid escalating tensions between Washington and Tehran, with the U.S. President noting that the ceasefire agreement with Iran has ended and that engaging with Tehran is now a waste of time. The Iranian attacks on ships have heightened the stances of both sides, while Washington announced new sanctions, withdrawing the exemptions that had allowed Iran to sell its oil.

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