Ankara: Oil prices surged by nearly 6% on Wednesday following US President Donald Trump's announcement that the ceasefire with Iran had ended, heightening concerns of renewed conflict and potential disruptions to oil supply in the Middle East.

According to Anadolu Agency, international benchmark Brent crude saw a 5.95% increase, reaching $78.50 per barrel as of 0837GMT, while the US benchmark West Texas Intermediate (WTI) also rose by 5.95%, hitting $74.60. Trump's statement was made in Ankara during a meeting with NATO Secretary General Mark Rutte at the alliance's annual summit, where he expressed his belief that the ceasefire was a 'waste of time'.

The escalation follows the US launching new strikes against Iran and revoking a waiver that permitted Iranian oil sales on global markets. These actions came after recent attacks on commercial vessels in the Strait of Hormuz, a vital channel for global energy supplies, sparking fears that renewed hostilities could impact crude and fuel shipments from the Gulf region.

Trump's remarks reflected a hardline stance against Iran, as he expressed his disinterest in further negotiations with Tehran, labeling Iranian leaders with derogatory terms. The previous US-Iran understanding reached in June had temporarily halted attacks on commercial shipping and allowed Iranian oil sales, with a 60-day negotiation period for a comprehensive peace agreement.