Oil Jumps 5% and Shekel Past 3.04 as Trump Declares Iran Ceasefire Over

Global oil prices climbed roughly 5 percent and the shekel weakened past 3.04 per dollar Wednesday evening after President Donald Trump told the NATO summit in Ankara that the U.S.-Iran ceasefire was over, reigniting Strait of Hormuz supply fears. Brent crude for September delivery closed up 5.2 percent at $78.02 per barrel and WTI advanced 4.4 percent to $73.52, capping an 8.4 percent two-day rally that was the sharpest since May 4. The Tel Aviv Stock Exchange's TA-125 index closed down 0.19 percent at 4,055 points, and safe-haven flows lifted the U.S. dollar broadly. In the United States the Dow Jones fell 1.09 percent to 52,348 and the S&P 500 lost 0.28 percent, while Frankfurt and Paris both closed down more than 2 percent as European markets absorbed the energy-cost shock.