Crude nears $80 a barrel again after Trump declares US-Iran ceasefire ‘over’

Global oil markets are experiencing renewed chaos as crude prices surged significantly. US President Donald Trump declared the ceasefire agreement with Iran was over. Fresh US military strikes on Iranian targets heightened fears of supply disruptions. Maritime authorities raised the threat level for vessels transiting the strait. The rise in oil prices renews concerns over inflation and potential interest rate hikes.

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