Oil Markets Surge as Trump Dismisses Quick Israel-Iran Peace Deal

Oil prices jumped about 3% to around $74 per barrel after President Trump dampened hopes for a quick Israel-Iran ceasefire.

Speaking to reporters, Trump said he wants “a real end” to the conflict and Iran’s nuclear program “wiped out.”

The uncertainty has pushed oil market volatility to three-year highs. While Iran’s oil infrastructure remains untouched, traders worry about potential disruptions to crude flows through the Strait of Hormuz, which handles 20% of global oil output.

The region faces increased shipping risks, with navigation interference and safety concerns mounting.

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