US President Donald Trump's assertion that the ceasefire with Iran is over has triggered a significant surge in global oil prices.West Texas Intermediate futures rose 6.25% to $74.83 per barrel, while Brent crude jumped 6% to $78.64 per barrel.The comments came after the US Treasury revoked a waiver allowing Tehran to sell its oil under the interim ceasefire deal.

Trump's remarks during a joint press conference with NATO chief Mark Rutte highlighted his decision to end diplomatic engagement with Iran, citing 'waste of time' in negotiations.This follows US military strikes against Iran in retaliation for attacks on commercial vessels in the Strait of Hormuz.The Iranian foreign ministry condemned the strikes as a violation of the ceasefire agreement, vowing to defend national sovereignty.

Analysts note the geopolitical tensions could impact inflation and influence the Federal Reserve's monetary policy decisions ahead of the November midterm elections.