Oil prices resumed their upward surge after Donald Trump ordered fresh overnight missile strikes on Iran.
Brent crude was trading as much as 7% higher at $78.89 and government borrowing costs rose sharply after the President dismissed the recently signed memorandum of understanding as a “waste of time.”
The ceasefire had seen the price of oil fall back and helped encourage expectations of a return to stability of supplies.
That changed after Iran attacked three commercial vessels transiting the Strait of Hormuz on Tuesday, prompting retaliatory attacks by the United States.
Speaking at the Nato summit in Ankara, Turkiye, the president said of the Iranian regime: “It’s just a waste of time dealing with them, they’re liars.
“I don’t want to deal with them any more, they’re scum. You know what scum is? They’re scum. They’re sick people. They’re led by sick people. And they’re vicious, violent people. And if they had a nuclear weapon, they’d use it. As far as I’m concerned, it’s over.”
On the prospect for the negotiations, he said: “They can talk, but I think they’re wasting their time.”
The yield on the benchmark ten-year UK government bond increased 0.11 percentage points to 4.97%. The pound fell 0.14% against the dollar to $1.33 before stabilising and rose 0.15% against the euro to €1.17.
European stock markets fell. The FTSE 100 index was 1.7% lower and the mid-cap FTSE 250 index dipped by 1.5%. Germany’s Dax index fell 2.23% and France’s Cac 40 lost 2.18%.
All three of Wall Street’s main stock indices opened sharply lower but by the close of the mid-week session in New York, the tech-heavy Nasdaq closed marginally higher with a gain of 0.2% while the S&P 500 shed 0.7%. The Dow Jones industrial average was 1.1% lower.
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