Oil Prices Surge Over 5% on Trump's Statement Regarding Iran Ceasefire

Oil prices surged more than 5% on Friday, with U.S. stock futures also sliding, following President Donald Trump's declaration that the interim agreement with Iran has concluded. However, Trump indicated that discussions could continue.

Brent crude, the international benchmark, rose by $3.94 to $78.10 per barrel. The U.S. benchmark, WTI crude, increased by $3.60 to $74.04 per barrel. These movements occurred after U.S. strikes against Iran, which were retaliatory measures for attacks on three ships in the Strait of Hormuz.

The U.S. president commented on the sidelines of the NATO summit in Ankara, Turkey, stating that dealing with Iran is "a waste of time." The previous 60-day agreement allowed ships passage through the strait without charges, but Iran had insisted on controlling routes and later imposing fees, which would disrupt established practices.

Geopolitical tensions have previously driven oil prices higher, which had surpassed $100 a barrel before recent declines. The situation has increased uncertainty for consumers and businesses, particularly regarding potential inflationary pressures.

The rise in crude oil prices boosted shares of energy companies, including Exxon Mobil, ConocoPhillips, and Chevron, which increased by nearly 2%. Conversely, airline stocks such as Delta, United, and American Airlines fell between 2% and 4% due to their reliance on fuel costs.