Ankara: Oil prices extended their gains in midday trading today, jumping by about 5% after statements made by US President Donald Trump at the NATO summit in Ankara regarding the preliminary agreement with Iran. By 11:35 Mecca time, Brent crude futures for September had risen 4.79% to $77.71 per barrel, while West Texas Intermediate (WTI) crude futures for August had climbed 4.74% to $73.78 per barrel.

According to National Iraqi News Agency, US President Donald Trump stated that the ceasefire with Iran had effectively ended from his perspective. He described the Iranians as “sick and liars” and expressed the opinion that negotiating with them was a waste of time. These remarks appear to have had a significant impact on the oil market, leading to the sharp increase in prices.

The market’s reaction highlights the sensitivity of oil prices to geopolitical tensions, particularly those involving major oil-producing regions. Traders and analysts will be closely monitoring any further developments between the US and Iran, as well as any additional statements from President Trump, to gauge the potential impact on oil supply and prices in the coming days.