Oil Prices Jump 5% as Trump Declares Ceasefire Over

Brent crude jumped above $78 a barrel and West Texas Intermediate surged more than 5% after Trump said the US-Iran ceasefire was 'over'.

The escalation threatened to disrupt crude supplies from the Middle East.

Global stock markets tumbled and US Treasury yields climbed as investors fled risk assets.

The price spike reversed a recent decline and rekindled inflation fears.