Trump Declines Iran Ceasefire Revival, Oil Prices Spike to $84

Oil prices surged on Thursday after US President Trump refused to revive a ceasefire deal with Iran, exacerbating tensions in the Strait of Hormuz. The strait is a crucial shipping route through which almost one-fifth of global oil passes.

The decision has pushed West Texas Intermediate (WTI) up to $84 a barrel, while Brent crude increased by over 2%. This escalation has left energy markets on edge, concerned about potential disruptions or attacks in the region.

Previous talks between Qatar and Iran had yielded no quick fixes, and the US stance on sanctions and naval blockade has further stymied efforts to ease tensions. The Strait of Hormuz remains under strain, heightening concerns about global oil flow.