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Commodities

Oil Market Surges on Trump's Rejection of Iran Deal

Guavy AI Editorial Team
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Oil
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The oil market has surged by 2% following news that US President Donald Trump is not interested in returning to the terms of a memorandum of understanding reached with Iran in June.

Brent crude futures rose $1.86 or 2.1% to $89.70 a barrel, while the US West Texas Intermediate (WTI) crude futures advanced by $1.30 or 1.6% to settle at $83.53 per barrel.

The June agreement, which was aimed at reopening the Strait of Hormuz and restarting talks on Iran's nuclear program in exchange for sanctions relief, fell apart within weeks after Iran started attacking ships.

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