Kathmandu. Global crude oil prices have surged after US President Donald Trump announced the end of the ceasefire.
“I think it’s over,” Trump said on Wednesday about the ceasefire with Iran. I don’t want to talk to them anymore. They’re bad people. Brent crude, the main oil benchmark, rose 4 per cent to USD 78.16 per barrel and WTI crude rose 3.68 per cent to USD 74.12 per barrel.
The targeting of oil tankers in the Strait of Hormuz has raised fears that oil supplies could be disrupted. This has put pressure on the price of crude oil. As a result, prices have soared.
On the other hand, President Trump’s statement at the NATO summit has had a direct impact on the European stock market. Europe’s largest stock exchange 600 index fell 1.6 percent to 636.08. This is its lowest level in a week.
Earlier, the price of crude oil reached pre-war levels after the US and Iran signed a memorandum of understanding related to the ceasefire. –Agency
