Energy markets were jolted as US President Donald Trump declared the ceasefire with Iran no longer valid, triggering a sharp increase in oil prices and unsettling global stock markets. Speaking at the NATO Summit in Turkey, Trump indicated that efforts to de-escalate tensions with Iran had failed, overturning recent optimism about a potential agreement that would stabilize oil flows.

The Strait of Hormuz, a vital shipping route handling about 20% of the world's oil, remains a focal point of concern. Recent Iranian attacks on commercial vessels and subsequent US strikes against Iranian targets have heightened fears over shipping disruptions. Several tankers have altered their routes to avoid the area, raising the prospect of a significant global energy shock.

Oil prices surged, with Brent crude climbing over 5% to nearly $78.4 per barrel, and US WTI approaching $74.3. While oil majors like ExxonMobil and Shell gained, broader markets turned cautious, fearing inflationary pressures and interruptions to supply chains. The uncertainty surrounding the Middle East conflict continues to fuel volatility across energy and financial markets worldwide.