Oil Prices Climb as Trump Warns of More Attacks on Iran

Crude oil prices rose more than 5% Wednesday as President Donald Trump threatened additional strikes against Iran tonight, saying the ceasefire with Tehran was over. West Texas Intermediate climbed 5.3% to $74.19 a barrel, while Brent gained 5.8% to $78.43. The US struck Iran on Tuesday after Tehran attacked three tankers that crossed the Strait of Hormuz. Iran's Islamic Revolutionary Guard Corps hit US military targets across Bahrain and Kuwait in retaliation to Washington's attacks, CNN reported. The US will likely hit Iran again tonight, Trump said Wednesday at a North Atlantic Treaty Organization summit in Turkey. Trump said the peace deal with Iran is "over." "To me, I think it's over," he said at the summit. "I don't want to deal with them." Last month, the US and Iran agreed to a memorandum of understanding to end their war and reopen the Strait of Hormuz. The deal allowed a 60-day period for both countries to iron out a final long-term deal and tackle issues such as Iran's nuclear program. "The escalation threatens fragile negotiations aimed at securing a permanent peace, with both sides accusing the other of violating the ceasefire," Saxo Bank said in a report.