London, July 8 (SANA) Oil prices rose more than 6% on Wednesday, hitting their highest levels in two weeks after U.S. President Donald Trump said the deal with Iran to end the conflict was “over,” raising concerns over crude supplies from the Middle East.
According to Reuters, Brent crude futures gained 6.16% to $78.73 a barrel, while West Texas Intermediate rose 6.01% to $74.67 a barrel. Both benchmarks reached their highest levels since June 22.
The rally extended gains from the previous session after Washington revoked a general license allowing the sale of Iranian crude. Speaking at the NATO Summit in Ankara, Trump said he no longer wanted to deal with Tehran, renewing fears of escalation.
Analysts said investors were again pricing in the risk of attacks on shipping and possible disruptions to oil flows through the Strait of Hormuz, a key route for global energy supplies.
Market sentiment was also supported by industry data showing U.S. crude inventories fell by 399,000 barrels last week.
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