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The price of oil surged more than 5% early Wednesday after President Donald Trump said the U.S. ceasefire deal with Iran was "over," and the United States was planning additional strikes.
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The president was asked about the ceasefire after an escalation of fighting in the Middle East.
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The president declared an end to the truce at a NATO summit in Turkey after the U.S. and Iran exchanged dozens of strikes overnight, raising the prospect of major renewed hostilities.
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President Trump said he believes the current ceasefire with Iran is over following an exchange of attacks between the U.S. and Iran in the latest escalation straining the agreement to end the war.
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Treasury yields surged after President Donald Trump told the NATO summit that the ceasefire with Iran is over.
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