Oil prices have come under pressure again with US President Donald Trump lashing out at Iran on Wednesday, calling Tehran "dirty players" and declaring the ceasefire between the two countries effectively over, in his first remarks since confirming a fresh round of American strikes overnight.
Brent crude oil prices surged 5% to $78 a barrel, meanwhile US benchmark West Texas Intermediate (WTI) prices surged 5% to $74 a barrel.
Speaking in Ankara, where he is attending the NATO summit, Trump said: "We attacked very powerfully last night against Iran." He said the strikes were retaliation for Iranian attacks on commercial vessels, adding: "Iran shot rockets at ships, that's why US hit back."
He went on to brand Iran "dirty players" and "scum," saying: "We wasted a lot of time with Iran," and separately called Tehran "incompetent," adding: "Iran doesn't know what it's doing."
Asked directly whether the ceasefire between Washington and Tehran was over, Trump replied: "I think it's over," adding, "As far as I'm concerned, it's over."
The remarks came against the backdrop of a tense NATO summit, with Trump repeatedly voicing frustration at allies over their refusal to assist US military operations against Iran, including denying bases and overflight rights during the American strikes.
This followed a series of recent attacks on vessels transiting the Strait of Hormuz, including a Qatari LNG carrier and a Saudi oil tanker. Tehran also said it had targeted 85 US military sites in Bahrain and Kuwait in response to what it described as US violations of the ceasefire.
Indian markets are also under heavy pressure in Wednesday's session as escalating tensions in the Middle East have triggered a broad risk‑off move. At 2:15 pm, the Nifty slid more than 500 points (down 2.05%) to around 23,900 while the Sensex dropped over 1,600 points (down 2.12%) to nearly 76,525.
The escalation marks a sharp reversal from earlier expectations of a supply glut, after OPEC+ increased production quotas and Middle Eastern producers moved to ramp up output.
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