Trump's Iran Ceasefire Reversal Sends Oil Prices Soaring 5%
Oil prices surged 5% on Tuesday after US President Donald Trump announced he doesn't want to extend the Iran ceasefire, saying the US military is 'raring to go' if negotiations fail.
The Brent futures price rose $4.30 to $99.78 a barrel, while U.S. West Texas Intermediate crude increased by $4.75 to $94.36.
The European Union's transport chief said the bloc will provide guidance to airlines on handling jet fuel shortages caused by the Iran war, but German Economy Minister Katherina Reiche assured that supplies of jet fuel are not in danger.
In related news, Ukrainian President Volodymyr Zelenskiy stated that the Druzhba oil pipeline pumping Russian oil to Europe is ready to resume operations, signaling Ukraine's expectation of a 90 billion euro aid package being unblocked.