Oil surges 6% after Trump says Iran ceasefire is over

Global oil prices jumped nearly 6% after US President Donald Trump declared that the ceasefire with Iran was "over", reigniting fears of a wider conflict in the Middle East and potential disruptions to global energy supplies.

Brent crude and US benchmark crude posted sharp gains as traders reacted to the heightened geopolitical tensions, with concerns mounting over the security of oil shipments through the Strait of Hormuz.

The renewed uncertainty sparked a broad rally in energy markets, with investors pricing in the possibility of supply disruptions from one of the world's most strategically important oil-producing regions.

Analysts said any prolonged escalation involving Iran could significantly affect global oil exports and push energy prices even higher, particularly if shipping routes in the Gulf are disrupted.

The latest surge comes after recent volatility in crude markets, with oil prices continuing to react sharply to developments in the Middle East conflict.